Daily News Online
   

Friday, 18 March 2011

Home

 | SHARE MARKET  | EXCHANGE RATE  | TRADING  | OTHER PUBLICATIONS   | ARCHIVES | 

dailynews
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette
Vajira
Hendawitharane

Managing Director
Lisvin Investments

Financial industry in for good times

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

EMAIL |   PRINTABLE VIEW | FEEDBACK

Damro
 
 
www.defence.lk
Donate Now | defence.lk
www.apiwenuwenapi.co.uk
LANKAPUVATH - National News Agency of Sri Lanka
www.army.lk
Telecommunications Regulatory Commission of Sri Lanka (TRCSL)
www.news.lk

| News | Editorial | Business | Features | Political | Security | Sport | World | Letters | Obituaries |

Produced by Lake House Copyright © 2011 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor