Indra Finance acquisition to boost Commercial Bank's leasing operations

Wednesday, 3 September 2014 00:09 - - {{hitsCtrl.values.hits}}

In one of the first transactions under the Financial Sector Consolidation Road Map mandated by the Central Bank of Sri Lanka, Commercial Bank of Ceylon PLC acquired a 100% stake of Indra Finance Ltd., with the Share Sale and Purchase Agreement signed on 1 September at the Commercial Bank head office in Colombo.

Representing the bank were Managing Director/ Chief Executive Officer Jegan Durairatnam, Chief Operating Officer S. Renganathan, Deputy General Manager Corporate Banking (Designate) Sanath Manatunge, Deputy General Manager, Human Resources Management Isuru Thillekewardena, Assistant General Manager Corporate and Investment Banking Naveen Sooriyarachchi, CEO Designate for Indra Finance Athula Samarasinghe, Company Secretary Ranjani Gamage and Chief Manager Legal Namal Gamage. Representing Indra Finance Ltd. were Principal Shareholder Indra Silva, Directors Rushanka Silva and Athula Silva, Managing Director Saliya Rajakaruna and Company Secretary Chandima Wijetunga. This acquisition will significantly strengthen Commercial Bank’s leasing operations, enabling it to offer lower priced re-finance options for customers of Indra Traders, which has a strong share of the motor vehicles import and leasing business, the bank said.