Mercantile Investments and Finance opens 5 new branches

Friday, 10 March 2017 00:00 - - {{hitsCtrl.values.hits}}

Mercantile Investments and Finance PLC (MI), in keeping to its corporate growth strategy, widened its presence further by opening up five new branches in 2017, in the attractive locations of Wattala, Gampola, Veyangoda, Thambuthegama and most recently in Avissawela.

As a premier finance company, with a rich heritage that dates back to the 60s, MI has gone from strength to strength, not only expanding its network to 36 locations, but also managing to build strong ties with various communities through its vibrant product mix which range from leases to personal loans and also mobilisation of deposits, all carried out at very attractive rates for its clientele. In going to the grass root levels, and making a social impact, all these five locations are equipped to also provide micro finance based funding.

Addressing customers and invitees at the inauguration of the Wattala Branch, Managing Director Gerard Ondaatjie said: “Having credentials as a financially solid enterprise, we have gained trust and loyalty of our customers, fulfilling their varying financial needs and cementing long term financial partnership. We owe our success to the strong team of talented individuals we possess, who are capable and committed in delivering a superlative personalised customer service, for which we are renowned for.”

He reflected on the importance of Wattala as a central location to major economic developments taking place such as the Port City project. He emphasised on the visible business changes taking place around the town and the availability of good hospital services, schools, etc. and also the growing economic activities between towns closer to Wattala, extending along the northern coastal belt, up to Negombo and beyond.

The company’s recently published half year financial results showed MI’s continued business solidity in terms of recording commendable over 16% annualized growth, in its lending book, which paved the way to record a robust Rs. 514 million and Rs. 363 million pre-tax and post-tax profit as at 31 December 2016.

Mercantile Investments and Finance PLC is a Licensed Finance Company under the Finance Business Act No. 42 of 2011, listed on the DiriSavi Board of the Colombo Stock Exchange.