The Finance Company PLC (TFC), which is on a restructuring process, is getting ready for a capital infusion.
TFC also said based on the restructuring program carried out under the recommendations of a reputed international restructuring organisation the company is in the process of relocating some of its key branches to strategic locations in order to serve customers with greater convenience. The company has already refurbished and relocated 10 branches to new strategic locations during the recent past, which will facilitate the growth of new products lined up as a part of its restructuring plan.
Another key area of this restructuring programme is the centralisation of back office operations, which will focus on reducing costs and improving the efficiency of the front office staff to serve customers more effectively.
The Finance Company PLC has made steady progress during the year with a tremendous year on year growth across all key business areas. Investments grew by 123%, pawning by a mammoth 236%, fixed deposits by 170% whilst savings grew by 54%. Along with the appointment of the new directors, the company is looking for a fresh capital infusion to take the company to the next level of operations.
As part of strengthening the Board, two new appointments have been made recently as well.
They are Aruna Lekamge, who is a specialist in risk management. He has served as an Executive Director at Sri Lanka Insurance Corporation and at Ceylon Asset Management Co Ltd.
His entrepreneurship record has made him a leading business personality in Sri Lanka and he chairs a diversified group of companies including international trading, transport and logistics sectors.
Cherille Rosa brings over 25 years of leadership and management experience in finance, international operations, risk management and information technology as well as in start-up ventures and divisions within Fortune 1000 companies both in the US and Asia Pacific region. She has also served as Vice President of Finance and Operations at City Bank, Singapore.
The company also announced the appointment of T.B. Ekanayake, who previously served in the capacity of Executive Director of the company, as its Director/ Chief Operations Officer in order to support the restructuring that is being done.
The appointment of these two new Directors and the new role of T.B. Ekanayake will be an important inclusion to the Board, which will support the vision of the Chairman Preethi Jayawardena, who is also a member of the Monetary Policy Consultative Committee of Sri Lanka.