December 4, 2012, 7:38 pm
By Mario Andree
Peoples Leasing Company (PLC), a leading leasing provider in the country yesterday unveiled its new corporate identity as People’s Leasing and Finance Company focusing to tap new areas of business, and also enter the international bond market.
After 16 years of operations from 1995, the company now holds group assets of Rs. 100 billion and was recently granted finance company status by the Central Bank.
Facing several challenges both from competitors and policies, the company hopes for a better future in the finance sector.
Peoples Leasing and Finance Company CEO D. P. Kumarage said that the company hopes to issue an international bond capitalizing on the opportunities provided through the 2013 budget.
According to him despite turbulence in the finance sector the company sees a profitable future tapping into its current business operations.
He added that the import duty on vehicles, with the company’s main stream of business being in the leasing sector, would have no major effect on the company’s performance though sector wise a major fall was expected.
Consequent to receiving the finance business licence and the change of name to Peoples Leasing & Finance PLC, the company launched its new logo staying in line with its renewed vision. The new company logo embodies the dynamic new approach the company would adopt.
Having received the finance license, People’s Leasing & Finance PLC is now Sri Lanka’s largest and highest rated finance company that is also the only one in Sri Lanka to have received two international ratings. Recently the company’s national long term rating was upgraded by Fitch Ratings Lanka from an A+ (Ika) to a AA- (Ika). The first of the two international ratings achieved by the company is equal to the sovereign from Standard & Poor’s with a B+/B and the second international rating a notch below the sovereign from Fitch Ratings International is rated a B+.