Business
LOLC Finance notches deposit base surpassing Rs. 180 bn
LOLC Finance PLC unlocked successes in many fronts while they stepped in to a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by LOLC Finance in the industry, an LOLC Finance press release said.
The release adds: ‘The merger of LOLC Finance PLC with Commercial Leasing & Finance (CLC) PLC, another subsidiary of LOLC Group, transformed LOLC Finance into the largest Non-Banking Financial Institution (NBFI) in Sri Lanka, enhancing their brand equity further more with an ICRA (A) STABLE rating.
‘LOLC Finance now holds 20% of the industry asset portfolio reflecting boundless potential for growth and expansion with an asset base of Rs. 333 Bn at the end of September 2022, which puts it on par with the large banks, offering an insight into the brand equity and scale of the merged entity today.
‘LOLC Finance also happens to be the leading and the biggest NBFI in terms of deposit mobilization. The Deposit base of the merged entity reached Rs. 180.8 Bn while the capital base reached 86.7 BN at the end of September 2022. The most important factor in this growth was the convenience offered to customers by continuing with uninterrupted and reliable solutions, through staying resilient amidst the challenging situations.
‘Sharing thoughts on the success story of the merged entity, Ms. Roshani Weerasekara, Head Liability Management of LOLC Finance stated, “Our superiority and expertise within the Savings and Fixed Deposits business unit draws from the unique customer servicing we provide to our customers together with our tailor made solutions.
‘We understand that our customer constituencies, are built with specific and diverse needs. Thus, we always fine-tune our position in the industry through finding solutions for these customer needs, through innovations. Strategically we define sectors, define products in to sectors, revisit product offerings, and develop marketing strategies while identifying key metrics to be applied.
‘Through LOLC wealth unit, we provide tailored solutions and services to our VIP clients. On the other hand, through our stretched distribution network, we mobilize granular deposits.
‘Our success story remains at how we retain our existing customers while we keep growing our deposit base. We are mastering the concept of creating options for our depositors in terms of attracting them. Customer retention ratio of LOLC Finance reflects the public perception of the company as a reliable and a trustworthy financial service provider at a period in which most of the other financial services were finding it extremely difficult to grow their depositors.
‘We are an innovative and a modern entity focused on making customers for life. At present, LOLC Finance is serving private investors, small and medium scale businessmen, public funding agencies, non-profit investors as well as personal investors. We also offers an array of services ranging from minor to senior across the board meeting all customer requirements timely”.
‘The merged entity, LOLC Finance grew from 134 to 210 branches, covering every depth and corner of the country. Customers of LOLC Finance are now extended with an extra convenience and closer access to more branches island wide. Earlier, LOLC Finance and CLC catered to two different market segments, which is now mounting to a competitive advantage, where customers from both entities are served with a value addition.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
