July 1, 2007 (LBO) – Sri Lanka’s pioneer leasing firm, Lanka Orix Leasing Company (LOLC), is looking to spread its wings under a new brand, officials said. “I feel we should do business as usual and not worry too much about what is happening in the country as long as we concentrate on our risk management properly.” The financial services group which has already branched into related areas such as factoring and stock brokering is looking to expand under its newly appointed chief executive Kapila Jayawardena, the former head of Citibank in Sri Lanka.
“I think there is a lot of potential here,” says Jayawardene. “LOLC has a direct linkage to Orix Japan which is the world’s largest leasing company.
“Also in funding I think the LOLC is a lot different from the other players in the market because we get funding from a lot of multilateral agencies.”
LOLC was set up in 1982 following a World Bank study which recommended ways for enterprising people without traditional wealth to get access to finance. The banks with collateralized lending would only lend to people who had assets to back their borrowing.
Deputy Chairman Ishara Nanayakkara says