Nov 02, 2007 (LBO) – Sri Lanka’s newest registered finance company, Swarnamahal Financial Services (SFS), kicked off this week offering a range of lending and deposit products. CEO Hafeez Rajudin says the company, a unit of the EAP group, will soon open two branches in Kandy and Colombo.
In addition to hire purchase and leases, the firm also offers loans to professionals such as doctors to set up practices.
On the deposit side it is targeting a broad demographic base of customers.
“We have products for every segment of the market, from a child’s savings account up to senior citizens’,” Rajudin said.
At the time of registration, SFS had fulfilled Central Bank regulations for having a 200 million rupee share capital for commercial financial institutions.
Rajudin says a child’s savings account can be upgraded and retained through time till the person is a senior citizen and such innovative services will help SFS penetrate the market faster.
The firm is entering the market at a time when interest rates are high.