Seylan Merchant Leasing’s deposit base tops Rs 1.5 billion

Seylan Merchant Leasing PLC (SMLL), a relatively new player among licensed finance companies, has built up a deposit base of Rs 1,580 million in just 18 months since it received its finance company licence.

SMLL has also established a savings deposit base of Rs 107 million between June 2007 and October 2008 and now has the third largest savings base among local finance companies, the company disclosed this week.

“SMLL experienced a lively year in 2007 with its conversion from a specialised leasing company to a registered finance company. At present, we cater to a 45,000 strong customer base including 20,000 in savings,” Seylan Merchant Bank Group Deputy Chairman Rohan Senanayake said. “The company has disbursed more than Rs 2000 million in leases and loans during this period, which is a significant achievement.”

Seylan Merchant Leasing PLC was incorporated on July 31, 2000 and granted a licence to act as a finance company registered by the Monetary Board of the Central Bank of Sri Lanka in terms of section 2 of the Finance Companies Act No 78 of 1988 on March 1, 2007.

The company is listed on the second board of the Colombo Stock Exchange and is also registered under the Finance Leasing Act No. 56 of 2000 with the Central Bank of Sri Lanka.

SMLL has performed reasonably well during its first one and half years in the context of the difficult market conditions that prevailed and has emerged as one of the more dynamic new players in the sector.

“The finance company licence was a most timely development and has taken us to a new phase of expansion and new business,” he added.

Today, Seylan Merchant Leasing operates 14 branches and 11 service centres in major cities and towns.