June 26, 2013 (LBO) – Netherlands-based Triodos Bank will take a 10 percent stake to join Bangladesh’s BRAC in building micro financier, Sri Lanka’s Lanka Orix group said after taking over a listed finance company. Triodos has operations in finance, fund management and renewable energy.
LOLC and BRAC Wednesday took control of Nanda Investment and Finance Plc in a 900 million rupee deal, paying 9.00 rupees a share. Nanda Investments is a licensed finance company in Sri Lanka.
Nanda Investments had assets of 663 million rupees with lending book of 290 million rupees and deposits of 88 million, LOLC said.
Nanda Investments, a family-owned company was founded in 1961 by Sirisena Mallawarachchi, and has been managed by family members up to now.
BRAC will hold a 56.6 percent stake in the firm and LOLC will hold 33.4 percent through, LOLC Micro Investments Ltd, a group unit.
LOLC said BRAC, founded 10 years ago in Bangladesh by its chairman Fazle Hasan Ahbed now has operations in Africa, Asia and the Caribbean, reaching 126 million less privileged people with microfinance, education, healthcare and legal services, LOLC said.
“BRAC will extend its current business model together with the b