Business
IDEAL Finance unveils new branch in Kadawatha
Seeking to serve a wider clientele and increase accessibility to financial services, IDEAL Finance Limited (IFL), one of Sri Lanka’s reputed finance companies, recently unveiled the latest addition to its branch network with a new branch in Kadawatha. This branch will help customers, in this high-growth region in the Western Province, more easily access IFL’s portfolio of financial services. The new Kadawatha Branch of IDEAL Finance was officially declared open on the 10th of December 2022, and was marked by a special opening ceremony, amidst an intimate gathering of top officials and customers, in line with health guidelines.
Discussing the opening of the new branch, Mr. Duminda Weerasekara – CEO at IDEAL Finance Limited said, “The opening of our Branch in Kadawatha is a significant milestone on our journey, and part of our broader network expansion project. By the end of March 2022, we plan to have doubled our reach and expanded to most major cities in the country. This new branch will help us to provide customers in this region with ideal financial solutions. Working together as a team, we are creating opportunities not just for our valued customers but also for our people, who have an opportunity to work towards their dreams here at IDEAL Finance. We are pleased to have been recognized as an employer of choice in Sri Lanka, having been tipped as a Great Place to Work for 3 years consecutively. As we progress with our network expansion, we are also looking to consolidate our team to tackle future challenges.”
IFL’s network expansion and portfolio diversification comes in the wake of Mahindra and Mahindra Financial Services Limited investing in IDEAL Finance Limited. This is a multi-phase foreign direct investment (FDI) which commenced in February 2020, with Mahindra initially acquiring a 38.2% stake in IFL.
The final tranche of the investment has increased the Mahindra and Mahindra Financial Services Limited’s holding to 58.2% in the 2021/22 financial year, resulting in FDIs to Sri Lanka totalling over LKR 2 billion. Thus, today, IDEAL Finance is backed by a global financial giant with over USD 11 billion worth of assets under management, a sum that exceeds the asset value of Sri Lanka’s entire banking industry.
Attesting to the success of its network expansion plan, growth strategy and alliance with Mahindra, IDEAL Finance announced its best-ever annual performance earlier this year, for the financial year ended 31st March 2021, having deftly navigated the challenges posed by the global pandemic. PBT (Profit Before Tax) was up 76% YoY to LKR 288.4 million, while PAT (Profit After Tax) grew 74% to LKR 183.8 million. The Company’s NPL (Non-Performing Loans) ratio also improved to 3.3%, bucking the industry trend, from 5.2% in the previous year. Following Mahindra’s investment in IDEAL Finance Limited, Fitch Ratings has also upgraded IDEAL Finance’s rating from BB (lka) to AA – (lka) with a stable outlook.
IDEAL Finance Limited (IFL) is an NBFI registered with Central Bank of Sri Lanka and commenced operations in March 2012 with a clear focus on the rural and semi-urban sectors. Its lending portfolio consists of gold loans, SME loans, personal loans, leasing facilities for motor cars, three wheelers, agriculture vehicles and commercial vehicles. IFL has developed a quality lending portfolio, while recording sustainable annual growth in profitability.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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