Finance License

Oct 31, 2011 (LBO) – Commercial Leasing Company, a unit of Sri Lanka’s LOLC group, said it had received a finance company license from the banking regulator and will seek a public listing. The firm will also increase its small and medium industry and micro finance portfolio.

“The company is well positioned to take advantage of the exponential growth prospects of these sectors which we believe will contribute immensely to the counrtry’s overall economic growth,” Jayawardena said.

“We have made notable progress in the agriculture sector, and we have implemented region-specific micro loan schemes with a view to uplifting the living conditions of the rural community by have to promoting income generating activities.”

Over the past two years the company’s gross assets have grown 176 percent to 26 billion rupees and pre-tax profits for the year ended March 2011 was 741 million rupees, LOLC said. Net assets had grown 280 percent to 6.4 billion in the past two years.

Update III A finance company license allows a firm to raised public deposits instead of borrowing from other banks, making it more competitive.

The finance company license was given by the Central Bank