Sep 18, 2009 (LBO) – Ceylinco Finance, a Sri Lankan finance company that was part of the troubled Ceylinco group, has changed its name to Nation Lanka Finance to make a fresh start, a senior company official said. “The company is heading towards a new direction,” N B S B Balalle, chairman of Nation Lanka Finance said.
“We want to be a good financial institutional and are looking at the long term benefits rather than the short term gains. During the past few weeks our shares have appreciated which shows the public still trusts us.”
Balalle, an ex-banker, before his retirement was the general Manager of state-owned National Savings Bank.
Nation Lanka Finance is divesting some of its assets and subsidiaries to boost cash-flows, chief executive Bede Fernando said.
The company is finalizing the sale of Ceylinco Stockbrokers to a Singaporean investor, Fernando said.
He said the company is also looking to divest its holding of approximately 10 percent of Seylan Bank shares. Seylan Bank was also part of the troubled Ceylinco group.
The bank was put under new management by the banking regulator after a run triggered by the collapse of an unlisted Ceylinco group firm.
National Lanka Fi