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Mihintalava - The Birthplace of Sri Lankan Buddhist Civilization

People's Leasing concludes Rs.400 m deal with Sampath Bank

PEOPLE'S Leasing Company Limited PLC issued Lease Backed Trust Certificates (LBTC) for Rs. 400 Mn. The entire issue was taken up by Sampath Bank whilst Deutsche Bank AG Acts as the Trustee to the issue.

These Trust certificates are secured by a quality lease portfolio. (PLC), the Market Leader for three consecutive years as well in terms of business volume.

PLC commenced its operations in 1996 as a fully owned subsidiary of People's Bank. PLC was formed to carry out leasing finance for the customers of People's Bank.

Currently PLC has a network of 16 branches in major cities with a customer base of over 25,000. All branches are linked online to the Head Office with sophisticated computer system.

PLC recorded a profit of Rs. 310 Mn during last financial year (2004/2005), after charging for general provision of Rs. 137 Mn in addition to the specific provision.

Sampath Bank by adding this investment to its portfolio has once again displayed its innovative banking concept, known over a period of time to constantly innovate and adopt cutting edge technology to deliver lifestyle enhancing financial solutions.

A single minded vision drives Sampath Bank to continue to be "The Growing force in the Sri Lankan Financial Services".

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