TKS Group consolidates with TKS Finance’s acquisition of Asian Finance
Tuesday, 1 July 2014 01:02
In line with the Central Bank of Sri Lanka’s (CBSL) initiative for industry-wide consolidation to strengthen the country’s financial sector, the TKS Group yesterday announced the integration of two of its finance sector holdings, TKS Finance Ltd. (TKSF) and Asian Finance Ltd. (AFL).
The new merged entity shall operate as TKS Finance Ltd., whereby the consolidated company will continue to offer the highest levels of service to the clientele of both AFL and TKSF, upon finalisation of the exercise.
Rasika Kaluarachchi, who is currently the Chief Executive Officer (CEO) of TKSF, has been designated as the CEO of the merged entity. TKS’s unification bid has received the consent of the Board of Directors and shareholders of TKSF and AFL. CBSL too has approved the modality of this strategic move.
Commenting on the move, TKSF Deputy Chairman Dato Seri Abdul Azim Zabidi said: “The consolidation of the finance business into a single merged company will help the TKS Group better leverage the strengths of both entities and deliver greater value to our customers. This is part of our long-term strategy to grow our presence and establish ourselves as one of the foremost players in Sri Lanka’s finance industry.”
The shareholders of TKS Finance plan to infuse fresh capital into the company to further strengthen its financial muscle.
Making more efficient use of talent and resources that were earlier spread across the two companies, the consolidation exercise will help TKSF continue to innovate and grow in line with evolving customer needs and market realities.
With AFL’s strong portfolio of complementary products, TKSF will now be able to extend greater levels of service to its customers through a wider network of branches spanning Colombo, Ratnapura, Matara, Negombo, Nugegoda, Kandy, Kiribathgoda, Kurunegala, Galle, Ambalangoda and Trincomalee.
The Board of Directors of TKS Finance comprises Dato’ Seri Tiong King Sing, JP (Chairman), Dato’ Seri Abdul Azim Zabidi (Deputy Chairman), Ling Chui Zhen (Executive Director), Lee Chong Pa (Executive Director), T. Dharmarajah (Director), Dr. S.H.A.M. Abeyratne (Director) and I.D. Weerasena (Director).