Commercial Bank has re-named its fully-owned subsidiary as Serendib Finance Limited, nine months after it acquired Indra Finance.
Acquired by Commercial Bank on September 1 2014, the company will operate under its new name and a new corporate logo, the announcement said.
While retaining its share in the motor vehicle leasing market as well as in hire purchase, mortgage loans and consumer finance, Serendib Finance -- which operates 11 branches in Sri Lanka -- will, with the backing of the country's largest private bank, seek to consolidate and expand its reach, the Bank said.
The acquisition of Indra Finance and the re-launch of the Company under a new name would also benefit the Bank by enabling it to further extend its leasing operations and penetratenew customer segments to enhance its strengths in leasing through its ability to offer lower priced finance options to customers who finance vehicles through Serendib Finance, Commercial Bank's Managing Director and CEO Jegan Durairatnam said.
"Commercial Bank had identified leasing as an area for development as part of its strategic expansion to reach untappedmarket segments and business lines, and saw the potential of Indra Finance in this context," Durairatnamsaid. "The acquisition is therefore expected to be beneficial to both customers and the stakeholders of the renamed Indra Finance."
The adoption of the new name Serendib Finance is supported by a re-branding initiative which included redesigned signage at the Head Office and branches of the Company and the launch of a new logo.
Indra Finance Limited 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.
www.dailynews.lk
Acquired by Commercial Bank on September 1 2014, the company will operate under its new name and a new corporate logo, the announcement said.
While retaining its share in the motor vehicle leasing market as well as in hire purchase, mortgage loans and consumer finance, Serendib Finance -- which operates 11 branches in Sri Lanka -- will, with the backing of the country's largest private bank, seek to consolidate and expand its reach, the Bank said.
The acquisition of Indra Finance and the re-launch of the Company under a new name would also benefit the Bank by enabling it to further extend its leasing operations and penetratenew customer segments to enhance its strengths in leasing through its ability to offer lower priced finance options to customers who finance vehicles through Serendib Finance, Commercial Bank's Managing Director and CEO Jegan Durairatnam said.
"Commercial Bank had identified leasing as an area for development as part of its strategic expansion to reach untappedmarket segments and business lines, and saw the potential of Indra Finance in this context," Durairatnamsaid. "The acquisition is therefore expected to be beneficial to both customers and the stakeholders of the renamed Indra Finance."
The adoption of the new name Serendib Finance is supported by a re-branding initiative which included redesigned signage at the Head Office and branches of the Company and the launch of a new logo.
Indra Finance Limited 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.
www.dailynews.lk
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