ETI invests Rs 4b in pawning

Harshini PERERA

Mahendra de Silva

There is a tendency among people towards investing in property or any other businesses at present. Interest in fixed deposits has also not changed.

As a result of this tendency, Edirisinghe Trust Investments (ETI) Limited has recorded a Rs 10 billion fixed deposit base this year with a 38,000 customer base, Edirisinghe Trust Investments (ETI) Chief Executive Officer Mahendra de Silva said.

He said the income of the company for 2004/5 was Rs 351 million. ETI targets a growth of Rs 2.4 billion for the financial year 2010/2011.

This growth is expected from diversified sectors and other fund sources but not only on fixed deposits.

Seven new branches will set up under the expansion plans for this financial year.

"ETI strongly focuses new products such as micro finance and Mango Cult; which is the most recent product ETI introduced," he said.

"The technology will be brought in to have an advanced information management system to retrieve data at any time. We are not in a hurry to go North and East but we will set up two to three branches in those areas in the future," he said.

Edirisinghe Trust Investments has invested Rs four billion in the pawning sector.