Lease Savings

Mar 01, 2008 (LBO) – Seylan Merchant Leasing, a unit of Sri Lanka’s Ceylinco group said it has raised 1.3 billion rupees in deposits after it was licensed as a finance company by regulators last year, the company said.

It has a service which allows clients to view lease transaction details and payment history on the internet. The firm has a text message alert that reminds clients about rental payments.

The firm has raised 1,360 million in fixed term deposits and given 2,000 million as loans and leases, the firm said.

After launching in June 2007, its savings deposits were now at 57 million.

“Our first year has been extremely positive in terms of the public response to both our fixed deposit products and our savings schemes, despite the difficult market conditions that prevailed,” Seylan Merchant Bank deputy dhairman Rohan Senanayake was quoting as saying in a statement.

He said SML had in its first year introduced three fixed deposit schemes and six savings products, and a children’s savings account branded ˜Senehas’.

The company says it was the first finance company in Sri Lanka to give savings account holders automated teller machine (ATM) cards from VISA, giving them access to their