LCB Finance to expand its branch network after successful IPO

LCB Finance is set to expand its branch network up to 12 branches before end of this year by setting up branches in Kuliyapitiya, Akuressa, Deiyadara and Tangalle.

The company has planned for another 8 branches to be established in the next year in fast developing areas.

Lanka Credit & Business Finance Limited (LCBF) the recipient of the “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021″in Global Economics UK saw its Initial Public Offer (IPO) oversubscribed with the IPO value of Rs 500 Mn. LCB Finance Limited’s IPO saw an overwhelming response from all the category of Investors including Institutional and Retail Investors.

It was proceeding for an Initial Public Offering (IPO) to raise the core capital to meet the regulatory maximum of Rs 2.5 Billion having met the current prudential regulatory core capital requirement of Rs 2.0 Billion. Sampath Bank PLC was the Banker to the IPO whilst Corporate Services (Private) Limited were the registrars and NDB Investment Bank were the managers to the same.

LCB Finance Ltd. has been elected to the Main Board of Lanka Micro Finance Practitioners Association (LMFPA) for the year 2021/2022. Unlike traditional financial services 90% of LCB Finance Branches are located outside the Western Province to enable financial services to low- and mid-income level income earners. While targeting Small and Medium Entrepreneurs, LCB Finance caters to non- banking community in Sri Lanka by delivering financial facilities to approximately 200,000 citizens.