MLL-NTB Leasing merged

MERCANTILE Leasing Limited (MLL) has merged with Nations Trust Bank (NTB) from yesterday.

The leasing business would operate under the new brand of 'Nations Leasing' bringing out combined resources and synergies of the two organisations.

MLL has always maintained an innovative stance by re-visiting the leasing product and introducing a host of hybrid versions of the product to suit different customer segments.

The reported company's profits have increased year on year, culminating in the highest profits placed on record for the year 2004.

Total Assets of the NTB is in excess of LKR. 25 billion and has the sole authority of issuing and acquiring the American Express cards in Sri Lanka.

The merger will enable the Bank to acquire a very viable portfolio of lease assets and a capable team of Lease professionals, while bringing in the financial expertise and the funding resources, which will facilitate faster growth and greater profitability.

Subsequent to the merger, the two main shareholders of the Bank will continue to be John Keells Holdings, with 29.9% and Central Finance, holding 20%.