Credit Expansion

Mar 14, 2010 (LBO) – Commercial Credit Ltd, a registered finance company based in Sri Lanka’s central hill town of Kandy opened an office in the capital Colombo, which the firm says is a step in a expansion drive. The company, founded 28 years ago, has network of five branches and 12 collection centres unveiled a new branch in the Kollupitiya area of Colombo.

The firm has received Central Bank approval to open branches in Galle in southern Sri Lanka and Amparai in the East. The firm says it is also planning to open branches in Vavuniya in the north and Gampaha in western Sri Lanka.

Central Bank approval has been obtained to extend Commercial Credit’s services to Galle and Amparai, and the company plans to add Gampaha and Vavuniya to its network in the near future, Mr. Edussuriya said.

Sri Lanka’s financial sector is recovering from a tight period after the collapse of unregulated institutions created liquidity problems in the entire sector as risk-averse depositors pulled out.

Madhawa Edussuriya, deputy general manager said in a statement that the firm had honoured withdrawals during the crisis.

The company has launched a new corporate logo of entwined Cs with the tagline ‘Your preferre