PMB going for re-branding

Formulates three year strategic plan:

The People’s Merchant Bank (PMB) will work towards reaching its next level of growth within the next three years by implementing its 2010 to 2013 strategic plan. PMB is engaged in an ambitious drive to turnaround and re-brand the group of companies by formulating its three year strategic plan.

It will strengthen its current operations while venturing into additional products such as pawnbroking and micro finance in the near future.

While engaging in its main lines of business, PMB will also focus on continuous staff training and development programs. This will ensure professionalism in the services offered.

The acquisitions made by the PMB in the recent past by acquiring an ailing credit card company and a small finance company were re-named as PMB Credit Card Company and People’s Merchant Finance Co. Ltd.

The Bank is in the process of restructuring these companies People’s Merchant Bank (PMB) Group Managing Director/CEO Anura R. Wickremasinghe told Daily News Business.

The bank took over the credit card company in 2009 as a supporting gesture to ensure that there were no negative systemic effects when the economy was facing many challenges.

PMB posted Rs 3.9 million profit for the three months ending June 2010. “We are forging ahead with our growth plan. We have expanded our branch network to include ten branches and will set up branches in the North shortly,” he said.

PMB’s main share holder is the People’s Bank Group with 40 percent ownership and LOLC 19.6 percent and 5 percent foreign share holding and the rest by the public.

SJ