Softlogic IPO in March
The banking sector in Sri Lanka needs to consolidate to support the
rapid economic development in the country, Softlogic Holdings Chairman
and Managing Director Ashok Pathirage told Daily News Business.
“The country has a high number of small banks and they are unable to
provide massive development loans. The banks need to consolidate to
support growth and the development process of the country,” he said.
“The corporate sector needs to undertake projects and support the
country’s socio economic development. It is important that top banks
merge to provide these funding facilities within the country,” Pathirage
“We could manage with three to four solid banks considering the
country’s size and population. The banking industry has the necessary
regulatory framework to move forward. However, merges within the
industry will facilitate the huge capital requirement to carry out the
development projects,” he said.
The Softlogic Finance company will focus on high performance in
keeping with its brand name and reputation. It has a strategic plan in
place to achieve Rs 500 million profitability within the next three
“This is the level that we are planning to reach in the next few
years. We will expand our branch network to widen the reach and will
also introduce more finance products to increase our customer base,”
Softlogic Holdings will go for an IPO in March to raise funds to
further build the company.