LB Finance turns 35

INVESTMENT: LB Finance Ltd one of the leading firms completed 35 years, recording its best year ever. Well-known investor Dhammika Perera invested in the company in 2003, and introduced radical and far reaching changes that turned the company around.

A new management team and a new business model soon propelled the company on a new course of dynamism and resurgence, recording successive record-breaking financial results, culminating in the company's best financial year.

LB Finance opened its doors in 1971 and reached its peak in the late 80s but in the wake of a management take-over began to shed some of its former glory at the turn of the century before, it was rescued by the veteran financier.

However, the respected finance company never lost the principles.

The new management overhauled the operating structure and infused greater vigor to its founding principles while introducing cutting-edge technology and innovative products to its portfolio. Today L B Finance has the third largest deposit base among the finance companies.

The company continues to win over new investors with deposits crossing the magical Rs. 3.5 billion mark.

LB Finance operates a highly integrated network of branches across the country led by a team of industry veterans hand-picked to put the company back on track.

The company operates a growing network of 27 distribution centers throughout the island including its own pawn broking centers.

Plans are afoot to streamline the company's real estate business with major emphasis laid on top-of-the-range condominiums.

The deposit base shows remarkable growth as the company accepts deposits from public at very competitive rates of interest.

Leasing is handled by LB leasing service and is the main disbursement line of credit.

Leasing activities are mainly retail based. The company also engages in financing leases and operating leases.