LOLC gets rooted in Jaffna

Central Bank Governor lays foundation stone for new office building

Lanka ORIX Leasing Company PLC (LOLC), yesterday further strengthened its footprint in the northern region when it invested in establishing its own office in Jaffna.

Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal graced the occasion as the Chief Guest, and laid the foundation stone for the new building. LOLC Group Deputy Chairman Ishara Nanayakkara and Group Managing Director Kapila Jayawardena were amongst the distinguished gathering.

The construction of the new LOLC office in Jaffna is scheduled to be completed within the ensuing months. It is located at 64/40, Stanley Road, Jaffna.

At present, LOLC has a total of five branches and service centres in the Northern Province; namely, Jaffna, Vavuniya, Chunnakkam, Manipai and Chavakachcheri. The Group expects to open new service points in Kilinochchi, Mannar and Nillayadi within the next few months to take the Northern presence to a total of eight.

The company opened its first service point in the historic hill capital of Kandy, way back in 1995. Since then, the LOLC network across the country has grown remarkably. Presently, the total island wide reach is set to complete its 100th landmark at the end of the month, adding yet another milestone to the company’s aggressive expansion.

The establishment of the new LOLC office in Jaffna will provide the Group with ample opportunities to expand its services further, and to attain its long term objectives, with a mission to assist those driven by the spirit of enterprise to reach greater heights.LOLC has evolved into a premier, diversified blue chip Group through its innovative, personalised and wide-ranging solutions. At present, LOLC is within the top 10 companies of Sri Lanka in terms of market capitalisation.

Jayawardena said: “It is with great pride that we celebrate this significant occasion. We penetrated the northern territory last year when we established a single branch in Jaffna. We have expanded the reach further by establishing a number of branches, Isuru Diriya Post Office Centres, Islamic Financial Services Centres, and LOLC Ran Savi Centres, covering the north and east.

“The region has its own rich history – both cultural and political. And today, we have become a part of that rich history. With this new investment, we have come across an unlimited range of possibilities to explore and innovate – all in order to better our services.  With our recent foray into the leisure sector, the company is confident that the north east region will provide ample opportunities for investment in a higher magnitude.”

North needs 150 more bank branches – CB Chief

By Deepal V. Perera in Jaffna

Central Bank Governor Ajith N. Cabraal said yesterday that the Northern Province was in need of another 150 bank branches to serve the people in the North and provide the much needed financial freedom to rebuild their lives. He said that since the end of the conflict in May 2009, 90 bank and finance company branches had been opened in the province and that Rs.1.3 billion had been disbursed as loans to the people of the Northern Province.

“Ever since the conflict came to an end one and a half years ago we have been involved in developing the banking sector in the Northern Province, but there still remains more to be done. There is a  huge gap that we have to fill in the Northern Province for it to be on par with the rest of the provinces.

In that sense the Northern Province needs another 150 bank and finance centre branches, and by next year we have plans to set up another 150 branches in this province,” he said.

The Governor made this comments yesterday when he toured the Northern Province to lay the foundation stone for a building for the Lanka Orix Leasing Company (LOLC), opening of the LB Finance branch office in Jaffna and the new Brach of the National Savings Bank in Kilinochchi. Addressing the gathering at the foundation stone laying ceremony for the LOLC building at Stanley Road in Jaffna, the Central Bank governor said that LOLC’s decision to set up a five story building in the heart of the Jaffna town would provide a new landscape.

“In 10 years’ time there will be many more people who will come this area and try to invest; but the real people are the people who make the decision now to invest and help the people to come out from the conflict” the Governor of the Central Bank said.