People’s Leasing & Finance in proposed acquisition of 33% stake in First Capital Holdings

People’s Leasing & Finance PLC has announced the proposed acquisition of a 33% stake in First Capital Holdings PLC (FCH), signaling the beginning of a new chapter of business growth through horizontal integration and diversification, a press release said.

‘With the proposed acquisition which is subject to the approval of Central Bank of Sri Lanka and all other regulatory authorities applicable, PLC will be expanding their product and service offerings, resulting in enhanced revenue and profits streams that will benefit from FCHs’ expertise in areas such as Investment Banking, Wealth Management, and Securities Trading which are likely to be new areas of growth for PLC. The move will also enhance PLC’s competitive edge and consolidate its position in the financial services sector, the release explained.

The release adds: “As one of Sri Lanka’s largest non-banking financial institutions, Peoples Leasing & Finance PLC has the distinction of being a leader in leasing and related financial services. The acquisition will strengthen the Company’s offering in diversified financial services, enhancing the potential to reaffirm a firm foothold in the financial sector through a unique Public Private Partnership”, says Shamindra Marcelline, CEO/ GM – People’s Leasing & Finance PLC. “This move will strengthen combined synergies and enable PLC to access expertise in Investment Banking, Capital Markets and Wealth Management.

‘Recognized as a leading full-fledged Investment Banking Institution, FCH has achieved a unique position in the market for a comprehensive portfolio of service offerings including Primary dealing in Government Securities, Unit Trust Funds, Private Wealth Management, Corporate Debt, Corporate Advisory and Stock Brokering. FCH’s expertise is expected to complement and reinforce the financial competencies of PLC.’