Northern Finance

Feb 11, 2012 (LBO) – The Finance, Sri Lanka’s pioneer finance company has returned to pre-war premises in the island’s northern Jaffna city, where the economy is going resurging after the end of a 30-year war. “Every time I come to Jaffna I see new developments,” Central Bank governor Nivard Cabraal said at the ceremonial opening of the branch in Jaffna.

“The northern province is growing at more than 20 percent in nominal terms. To keep this going for the next 10 to 15 years we need new entrepreneurs, we need people building, cultivating, transporting, storing.”

The Jaffna branch returned to its own premises, from another location after its own premises was released from military use. A 30-year war in Sri Lanka’s north and East ended in 2009.

Officials say Jaffna was the company’s first branch.

Chairman Preethi Jayewardene, who was brought in by the Central Bank to head the firm following a run on deposits after an unregulated unit in the founder Ceylinco group collapsed, said the branch was planned in the mid 1970s.

“As a young accountancy student when I was auditing The Finance Company, the management was discussing the establishment of the Jaffna branch, which was its first,” he re