Richard Pieris Finance Limited, the newest subsidiary of Arpico Group was able to record Rs 200 million profit after tax in its second year, a top official said.
The company currently operating at Hyde Park Colombo plans to set up eight branches in the during this year. The company has performed well during the short span of two years, Chief Executive Officer K.M.M Jabir told Daily News business.
“We are also going to open Richard Pieris Finance service centres in Arpico Super Centres and super markets, which is the biggest strength of the company,’ Jabir said.
Jabir said they plan to venture into all sectors under a finance company’s mandate. The company now two years has an asset base of Rs 6.5 billion. Jabir also said they have a strong customer base including major corporate in the country. The company is to focus on leasing Islamic financing and other business areas covering micro finance, he said.
The company acquired Chilaw Finance, a Rs 1.3 billion worth assets based company in the North Western Province.
“We have acquired Chilaw Finance company recently and it is now running as an independent entity,” he said.
He said that current government has not forced mergers and acquisition of financial entities like the previous government.
“We are still in the process of ironing out certain issues of the company.”
Although the consolidation programme is ideal to create a strong banking and financial sector in the country, the Sri Lankan financial sector was not ready at that time to accept the consolidation programme of the previous government, he said.
“Since we could witness a rapid economic development in the North Western Province it is an opportunity to make our presence felt in the area with the acquiring of Chilaw Finance Company,” he said.
The company also won the emerging financé company of the year award.
www.dailynews.lk
The company currently operating at Hyde Park Colombo plans to set up eight branches in the during this year. The company has performed well during the short span of two years, Chief Executive Officer K.M.M Jabir told Daily News business.
“We are also going to open Richard Pieris Finance service centres in Arpico Super Centres and super markets, which is the biggest strength of the company,’ Jabir said.
Jabir said they plan to venture into all sectors under a finance company’s mandate. The company now two years has an asset base of Rs 6.5 billion. Jabir also said they have a strong customer base including major corporate in the country. The company is to focus on leasing Islamic financing and other business areas covering micro finance, he said.
The company acquired Chilaw Finance, a Rs 1.3 billion worth assets based company in the North Western Province.
“We have acquired Chilaw Finance company recently and it is now running as an independent entity,” he said.
He said that current government has not forced mergers and acquisition of financial entities like the previous government.
“We are still in the process of ironing out certain issues of the company.”
Although the consolidation programme is ideal to create a strong banking and financial sector in the country, the Sri Lankan financial sector was not ready at that time to accept the consolidation programme of the previous government, he said.
“Since we could witness a rapid economic development in the North Western Province it is an opportunity to make our presence felt in the area with the acquiring of Chilaw Finance Company,” he said.
The company also won the emerging financé company of the year award.
www.dailynews.lk
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