Hayleys, MMBL alliance to enhance FedEx services

Mercantile Merchant Bank (MMBL) subsidiary Mountain Hawk Express and Hayleys have concluded a strategic alliance to form one of the strongest international business logistics clusters to develop the express transportation business, in Sri Lanka.

This alliance is based on the Hayleys Transportation Division, with its Shipping, Aviation, Freight Management, Distribution Centre, Container Depot and Ship Owning interests, joining hands with MMBL subsidiary, Mountain Hawk Express, the licensee for FedEx since 1987.

FedEx, a fortune 500 company is the world's largest express transportation company and has an annual turnover of US Dollars 25 Billion and was ranked the eighth most admired company in the world by Fortune in 2005.

The synergies acquired through this alliance will set the foundation for the creation of a business logistics powerhouse aimed at helping Sri Lankan exporters to meet the new challenges faced by an increasingly competitive international market place.

Mercantile Merchant Bank Limited (MMBL) is a privately held Sri Lankan-US joint venture engaged in private equity and investment banking activities both Sri Lanka and abroad.

Through a strong network of partnerships both internationally and locally, with blue-chip companies, global brands and high net-worth individuals, MMBL has built a diverse investment portfolio that spans financial services, information technology, business logistics, services to the petroleum industry, trading and property development.

Commenting on the alliance, Hayleys Chairman and CEO, Rajan Yatawara, said that he was delighted at the agreement reached and said that the Group, with its deep knowledge and understanding of exporters through decades of involvement with them, will be able to significantly help develop the Federal Express brand and offerings in Sri Lanka.