LOLC Group bullish on regenerating N&E
Opens three new branches in North:
Steeped in rich history of 32 years, LOLC Group is poised to
successfully ride the development wave sweeping across the nation. Its
strategic business sense has enabled the Company to move forward in its
vision to uplift the country's Micro and SME sectors, with special focus
in developing the regional economies.
In this context, the LOLC Group has actively focused its attention on
developing the post war Northern and Eastern landscapes.
Kapila Jayawardena, Group Managing Director/CEO of the LOLC Group
said, "In the present post war context, one of the priority efforts at
national level was the development of the Northern and the Eastern
provinces. Many praiseworthy efforts to develop domestic banking and
non-banking activities, transport and communication, tourism, livestock
and agri business, fisheries, infrastructural upgrade, have taken place
in these regions, which in previous years took much of the brunt of the
ravaging war. Now, the North and the East are on a fast tracked
developmental phase towards inclusive growth."
Explaining the importance of private sector involvement in the
national development process, Jayawardena was of the view that the
Central Bank of Sri Lanka has provided far sighted and favorable policy
direction, enabling them to increase their organic business growth in
the regions, thereby, increasingly promoting private sector
participation in national development initiatives.
Creating linkages between national level development initiatives and
the core businesses of the LOLC Group, Jayawardena expressed the
following; "In this backdrop of rapid national development, we at LOLC,
with our group synergies within and amongst our Companies, Lanka ORIX
Finance PLC, LOLC Micro Credit Ltd., LOLC Factors Ltd, Commercial and
Finance Ltd., Commercial Factors Ltd., Al-Falaah Islamic Financial
Services Unit, and LOLC Insurance Company Ltd., - have paid close
attention to partnering with local and foreign agencies to develop
regional economies. To serve the rural markets we have fast expanded our
footprint, which has now reached a total of 185 locations as at 31 March
2012. Out of this, we have established 39 main branches, post office
service centres, Islamic financial services units, factoring outlets in
the North and the East, which amounts to over 20% of our total reach. In
addition, we have opened three more Lanka ORIX Finance branches last
week in Nelliady, Chunnakam and Chavakachcheri."
"Through our expanding branch network we have provided innovative
financial products and services best suited to customers of these newly
emerged economies. For instance, earlier this year, we introduced an
innovative working capital product named Gold Cheque Financing, where we
looked at providing working capital loans against gold items, providing
a feasible option for entrepreneurs who lack property or vehicles as
collateral. Similarly, Lanka ORIX Finance has entered into a partnership
with International Fund for Agricultural Development (IFAD) for poverty
alleviation and to improve the economic status of rural communities. In
addition, focusing on our customers from the Islamic communities in the
Eastern Province, we have reintroduced our Shari'ah compliant children's
savings account - Al-Falaah Junior - with many attractive benefits
especially for children of Islamic families," he explained.
Jayawardena expressed his confidence that Sri Lanka, in its
heightened development phase, is poised to reap long term prospects for
developing the regional economies, especially those in the war torn
areas. "Economic development efforts together with social and community
development are two vital factors which will take this development
discourse further. By providing the required infrastructural and
technical knowledge and support for the people of the regions to find
solutions for their specific requirements, we are building greater
partnerships and dialogues between people of the communities and
private/public agencies to help take the country forward," he said.
The LOLC Group recorded Rs. 9.3 billion PBT for the nine months ended
December last year with excellent growth of 30% compared with the
previous year. |