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Vajira
Hendawitharane
Managing Director
Lisvin Investments |
Financial industry in for good times
Charumini de Silva
Vajira Hendawitharane Managing Director - Lisvin Investments
PROFILE
* Name : Vajira Hendawitharane
* Civil status: Married, has three children
* School attended: Trinity College, Kandy
* Sports: Cricket, rugby, table tennis
* Professional qualifications: Degree in Banking and Finance
(Australia)
Sri Lanka is heading towards a new era and the financial industry. It
will grow further since access to finance is key for development. There
are plentiful opportunities to develop this industry with novel products
and services and last year we saw it clearly that the industry is taking
off in a rapid manner. The country has shown a continuous growth over
the years and there are many prospects for industrialists to develop
their business, Lisvin Investments Ltd Managing Director Vajira
Hendawitharane told Daily News Business.
Here are excerpts of the interview with him.
Q: How did you enter into the industry?
Vajira Hendawitharane. Picture by Saliya Rupasinghe |
A: I started my career as a marketeer and I entered into the
leasing and finance industry 16 years ago. I started Lisvin Investments
as a limited liability company on a very small scale in 2004.
With the industry started growing gradually; we also diversified our
business into many other areas related to the leasing and finance
industry. In 2008 the company received the licence from the Central Bank
as a Registered Specialized Leasing Company and it has been a great
achievement to the company.
Q: What are the opportunities available for industrialists in
your industry?
A: Finance is a vast industry and has plenty of opportunities
in various avenues. With the reduction of vehicle import duties the
leasing industry as well as the consumers has benefited and it has
become more affordable for the public. Although the industry is enriched
with many opportunities it is important how one will perform in the
selected section with proper risk management skills to sustain in the
industry.
Q: What are the challenges you face in the industry?
A: There are over 70 companies that are engaged in the finance
industry. With these companies it is important to remain competitive and
differentiate from others with signature products and services. Unlike
other financial institutions we find our customers and visit them.
Building trust is another key challenge but we are very much selective
when it comes to our clientele.
We have been very selective in obtaining financial services to the
community and have gained a good relationship with the clientele. At
present, the company has a client base of over 3,500 islandwide. Even
when local financial companies closed with people having a negative
perception on the financial institutions the company performed
commendably.
Q: What strategies should we adopt to uplift the industry?
A: At present the Central Bank and the Credit Information
Bureau (CRIB) is doing a remarkable task in tracing illegal financial
institutions and tracing blacklisted customers. These activities benefit
the country’s economy, finance industry and also the public. Apart from
the CRIB report, if Leasing Association and its members get together and
compile a report on fraudulent customers, it would be easier for the
industry to recognize them.
Introducing latest technology enabled methods such as e-banking,
m-banking are important to uplift the industry. The support put forward
by the Government together with the Central Bank and CRIB has enhanced
the finance knowledge and also introducing latest technology has helped
the rural community to broaden their facts.
Q: What is your advice to young entrepreneurs?
A: Always engage in a field that really makes you to perform
your best and what you are passionate. Entrepreneurs should enter into
the industry with innovative and creative ideas. Timely delivery and
maintaining margins are very crucial.
Q: How many jobs have been created through your organization?
And how many branches?
A: The company has over 50 employees. At present the company
has three branches in Pelawatte, Panadura and Jaffna. The employees in
the Jaffna branch have been recruited from the area itself. The company
has a service centre in Galle too. In the near future the company will
open branches in Negombo, Kandy, Mawathagama, Embilipitiya and Vavuniya.
Q: What is your perception of financial institutions entering
into the capital market?
A: The Colombo Stock Exchange (CSE) has performed extremely
well even among other markets in the world during the post war scenario.
Financial entities getting listed in the capital market allows to raise
capital, better corporate governance, transparency and improve the
confidence of the investors too. We see an impressive growth of the
Colombo stock market and this year the market is expecting around 60
Initial Public Offerings (IPOs). This itself indicates investor
confidence. Many foreign investors are keen on our stock market than
ever.
Neither did the corporates nor the investors have such a strong
confidence over the capital market of Sri Lanka before. More large
companies entering into the stock market will help to improve the market
capitalization and with having many companies’ investors will also have
a better choice of stocks to invest in. The restoration of peace has
re-gained the positive mindset of the stock market stakeholders. We are
confident that the CSE will continue its growing momentum.
Q: What is your philosophy in life?
A: Cause and effect, therefore make good cause every time.
Q: What are the places you like to visit most in Sri Lanka?
A: Trincomalee and Nuwara Eliya.
Q: What are the countries you like to travel?
A: Switzerland and Australia |