Financial Expansion

May 31, 2013 (LBO) – A new finance company unit of Sri Lanka’s Richard Peiris group will focus and core hire purchase and leasing but expects to gain an from group synergies, officials said. Richard Pieris Arpico Finance, a Central Bank registered firm, has been capitalized with 400 million rupees and which will be topped up and also boosted with Tier II capital if necessary as needed, chief executive K M M Jabir said.

Jabir was earlier with People’s Leasing and Finance, the island’s largest non-bank lender.

Richard Peiris and Company Plc, has interests in manufacturing, exports, plantations and retailing.

“We will focus on the core business of hire purchase, but we have group synergies,” Jabir said.

“Within our group we have 40,000 employees and suppliers who need financial services.”

He said the company will look at consumer durables finance in its retail network, and there were suppliers and stakeholders in group businesses that needed services including working capital finance and factory.

The company was also looking at providing micro-finance to producers who sell their produce through the Arpico retail system.

Chairman Sena Yaddehige, a Sri Lankan