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Banking bullish billionaire Ishara expands footprint

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samaritan

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Banking bullish billionaire Ishara expands footprint IsharaCNanayakkara11

  • LOLC Group enters DFCC buying 10% for Rs. 2.2 b investment via Rights Issue 

  • LOLC/Browns Investments already hold 10% voting stake and 46% non-voting stake in HNB and treat second largest private bank as an associate

  • HNB owns 15% stake in DFCC as single largest shareholder

  • DFCC is single largest shareholder in COMBank with 12% stake

  • LOLC/BIL control 27% voting stake and 55% non-voting stake in Seylan Bank

  • LOLC Group largest private sector shareholder in SANASA Development and HDFC Bank with 15% stake each


Multi-billionaire Ishara Nanayakkara is confirming he is bullish on the banking sector despite its challenges by expanding his footprint with a strategic entry into the DFCC, the country’s pioneering development finance institution-turned commercial bank. 

Already the biggest financial services provider via LOLC Group and Browns Investments (BIL), Ishara has acquired 10% stake for Rs. 2.2 billion. This investment comes hot on the heels of over Rs. 5 billion investment last year in HNB, the country’s second biggest private sector bank. 

DFCC also holds a 12% voting stake in Commercial Bank and is the single largest shareholder.

This is the formal LOLC Group/Browns Investment acquisition in DFCC. 



Banking bullish billionaire Ishara expands footprint Image_6f7d9e8bf2

https://www.ft.lk/top-story/Banking-bullish-billionaire-Ishara-expands-footprint/26-736399

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Post Tue Jun 21, 2022 10:58 am by samaritan

Food for thought:


What was the reason for an astute businessman like Ishara Nanayakkara to expand  into banking sector via his flagship multi national financial conglomerate Company LOLC at this juncture???


There has to be valid reasons and to phrase it in general, the future for Sri Lanka's economy is going to be like phoenix rising from the ashes. 


Always when a country comes out of a crisis situation the stock market turns bullish. As of now there are positive signals of beginning of recovery. 

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