| |
|
| News in Details |
| |
| The Finance Company PLC to embrace new era - Lankaputhra Development Bank to infuse professional management. - 2009-03-26 |
| |
| Summary |
| Lankaputhra Development Bank has been appointed by the Government and the Central Bank of Sri Lanka as the Managing Agent of The Finance Company PLC, with the objective of bringing stability and taking it to a new era of professional management. Mr. A. Sarath De Silva, Chairman of Lankaputhra Development Bank will head a professional team of managers, who will seek advice on relevant issues through the Cabinet appointed expert group. |
| |
| Mr. Sarath De Silva has had a distinguished career as a senior banker with an excellent track record of over four decades. He has held the position of General Manager / CEO of the Bank of Ceylon, amongst host of other financial and non financial institutions. He is currently a Director at the Strategic Enterprise Management Agency (SEMA).
|
| |
|
| The Lankaputhra Development Bank will take over the entire financial operations control as well as the management of the company with the aim of continuing to sustain categoric growth as well as create confidence in the public. The objective of this new initiative is to be a source of strength to The Finance, helping it to resurge to its original status of being one of Sri Lanka's oldest and trusted non-banking financial institutions. |
| |
| Speaking on the initiative, Mr. A. Sarath De Silva, Chairman of the Lankaputhra Development Bank, the Managing Agent of The Finance PLC said,"We would like to assure the depositors of The Finance PLC that it is in very safe hands now. What is required is a high measurement of patience from the depositors until we put everything in order. We appeal to the depositors to trust the strength of The Finance PLC in overcoming all challenges that comes in its midst." |
| |
| Adding further on the initiative that has been undertaken by the board of management, Mr. De Silva said, "I can guarantee that The Finance PLC will be restored, with the leadership of a management of professionals, who will practice the highest degree of transparent governance and are constantly in touch with the relevant regulator, which will ensure that we work within the framework of the mandate given to us." |
| |
| The new management of The Finance PLC is currently in the process of preparing a strategic footprint, taking into account external and internal realities in order to take the company into a new era and give its customers the most professional financial services. They will further enable the development of the company, with a strong focus on correcting the imbalance in maturities by bridging the gap as well as endeavoring to dispose of the non value additions and idle assets. The management will also be introducing a stringent expense discipline of 10% strategy and 90% action, whose aim is to make non performing investments, a performing one and bring the returns into the company. |
| |
|
