Finance Houses

Sri Lanka's Prime Minister Ranil Wickremesinghe arrives with flowers to receive blessings at the Gangaramaya Buddhist Temple, Colombo, Sri Lanka on Wednesday 4 April 2018. On wednesday (4), Wickremesinghe survived a no-confidence motion in the Sri Lankan parliament with a 46 vote majority after a 12-hour debate with 122 MPs voted in his support while 76 MPs voting to remove the prime minister. (Photo by Tharaka Basnayaka/NurPhoto via Getty Images)

May 01, 2010, JAFFNA, Sri Lanka (LBO) – Sri Lanka’s finance companies are expanding with confidence returning to the sector following a panic 2009, though regulators are working on a handful of troubled firms, Central Bank Governor Nivard Cabraal said. Sri Lanka’s Bartleets Financial Services and Central Investments and Finance Limited (CIFL) opened branches in the former war-torn Jaffna peninsular Friday.

Credit Function

“We are not here to just get deposits,” Bartleets group chairman Eraj Wijesinghe told customers and officials after Governor Cabraal opened the branch.

“We want to give loans, and help build up your assets and businesses so that you can create wealth.”

Sri Lanka’s 30-year war ended in May 2009 and the northern Jaffna peninsular and after a road link to the South of the island was opened for civilian traffic there has been a revival in economic activity.

Licensed commercial banks were the first to open branches. In 2009 banking panic only one commercial bank, Seylan Bank connected to Sri Lanka’s Ceylinco group was hit by a run and was taken over by the regulator.

This was after several unregulated finance firms in the group collapsed and several regulated finance companies also were hit by runs. F