Lanka Credit & Business Finance to expand branch network
K.G. Leelananda, CEO/ Executive Director of Lanka Credit & Business Finance Limited (LCBF), the fastest growing finance company, indicated at a press interview that the company plans to expand the branch network by establishing branches in Kuliyaptiya, Akuressa, Tangalle and Deiyandara, during the financial year 2021/2022, for which the due approval of the Central Bank of Sri Lanka (CBSL), has been obtained, thereby increasing the total number of branches of the company from eight to 12, during the aforesaid period.
He also stated that the management is progressing to implement the five-year strategic business plan ‘2022/2026’ of the company, which was adopted by the board of directors and involves among others, expanding the branch network to reach 38 branches by 2025/2026, via the successful completion of the said business plan.
Commenting on the business plan of the company Leelananda stated that the important next step is the listing of the shares of the company on the Diri Savi Board of the Colombo Stock Exchange. The Initial Public Offer (IPO) is scheduled for October 26, 2021. This involves increasing the core capital of the company from its current level of Rs.2.1 billion up to Rs.2.6 billion, to comply with the minimum core capital requirement as at December 31, 2021, envisaged by the CBSL.
He also stated that the business plan of the company is focused on increasing the profitability of the company through sustainable growth, improve returns on the investments of the shareholders of the company. Through the expansion of the branch network and product offering, the business plan is focused on continuously increasing the asset base and the profitability of the company. Therefore, he is of the view that the branch expansion for the next five years would play a vital role towards achieving the goals set out in the business plan.