Standard Credit Finance Limited, formally known as Ceylinco Investment and Realities Limited, will re-launch the entity under its current managing company Entrust Limited, company sources said.
“We are hoping to resurrect and revive the business with new product portfolios apart from co-products including leasing, saving accounts and real estate higher purchase, to attract new customers to the company,” Entrust Limited Group Executive Director/ Group Chief Operating Officer Romesha Senerath told Daily News Business.
She also said the company would also introduce gold loans to the public under the “Future Gold” brand to be different to other financial companies apart from the existing businesses. “At present gold prices have gone down, which was a good business to invest in it,” she said
She said that they have been managing the company since 2011 under the Central Bank directives. “To put the house in order we are discussing with all depositors to convert their deposit money into equity and to mobilize the business to resurrect the company, “Senerath said.
With the handing over of the Managing Agent to Entrust Limited, by the Central Bank effective April 1, 2011 and with the continuous support of Senior officials of Central Bank, the company formally called and known as Ceylinco Investments & Realty Limited, has been able to regain the confidence of its depositors with the implementation of the approved restructuring plan, she said.
Senerath said that they have planned to use the systems, procedures and manpower of Entrust Ltd to enhance and improve Standard Credit Lanka’s cash flow to service the existing deposits well.
When the Ceylinco Group took the hit in the wake of the 2008 global recession, along with its subsidiaries, the Ceylinco group collapsed and most depositors were still fully unpaid to this date. The Central Bank handed over the company to Lanka Puthra Bank and later to the Merchan Bank of Sri Lanka.
After managing the company for one year in 2011, the Central Bank handed over the management to the Entrust Limited, Entrust Securities Ltd (ESL) along with The Multi Finance Company Ltd (TMFCL).