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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Commercial Bank acquires Indra Finance

Commercial Bank acquires Indra Finance

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1Commercial Bank acquires Indra Finance Empty Commercial Bank acquires Indra Finance Thu Sep 11, 2014 3:58 pm

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Sep. 02, 2014 (LBT) - In one of the first transactions under the Financial Sector Consolidation Road Map mandated by the Central Bank of Sri Lanka, Commercial Bank of Ceylon PLC acquired a 100% stake of Indra Finance Limited, with the Share Sale and Purchase Agreement signed yesterday, September 1, 2014 at the Commercial Bank Head Office in Colombo.

Representing the Bank, were Jegan Durairatnam – Managing Director/ Chief Executive Officer, S, Renganathan – Chief Operating Officer, Sanath Manatunge – Deputy General Manager Corporate Banking (Designate), Isuru Thillekewardena – Deputy General Manager, Human Resources Management, Naveen Sooriyarachchi – Assistant General Manager Corporate & Investment Banking, Athula Samarasinghe – CEO Designate for Indra Finance, Mrs. Ranjani Gamage – Company Secretary and Mrs. Namal Gamage – Chief Manager Legal.

Representing Indra Finance Limited, were Indra Silva – Principal Shareholder, Rushanka Silva – Director, Athula Silva – Director, Saliya Rajakaruna – Managing Director and Chandima Wijetunga – Company Secretary.

This acquisition will significantly strengthen Commercial Bank’s leasing operations, enabling it to offer lower priced re-finance options for customers of Indra Traders, which has a strong share of the motor vehicles import and leasing business, the Bank said.

Established in 1969, Commercial Bank is the largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed four years consecutively in the world’s Top 1,000 Banks. The Bank was ranked the most valuable private sector brand in the country in 2014, has won multiple awards as Sri Lanka’s best bank over several years, and was adjudged one of the country’s 10 best corporate citizens by the Ceylon Chamber of Commerce in 2013. In August this year, the Bank was rated the Most Respected Bank in Sri Lanka by LMD for the 10th successive year, was named the second Most Respected Corporate entity in the country overall for the fourth year, and was rated No 1 overall by the magazine for Honesty for the second consecutive year.

Indra Finance Limited (INFL) located at No.182, Katugastota Road, Kandy was incorporated in 1987. The Company was licensed as a Specialized Leasing Company in 2007 and then as a Licensed Finance Company in 2013. The Company’s principal activities are granting lease facilities, hire purchase, mortgage loans and other credit facilities. INFL benefits from close affiliation to the Indra Group as a majority of its business flows from financing both passenger and commercial vehicles sold and distributed by Indra Traders (Pvt) Limited. INFL presently has offices in 11 locations throughout the country

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