People’s Leasing & Finance Company rebrands, embraces change for better

By David Ebert

Embracing change, the new corporate identity of People’s Leasing & Finance Company, formerly known as People’s Leasing Company (PLC), was unveiled yesterday.

This was pursuant to PLC receiving its license to conduct finance business under the Finance Business Act No. 42 from the Monetary Board of the Central Bank of Sri Lanka. The finance business license enables the company to expand its reach and establish its presence in retail funding, providing a comprehensive suite of financial services to its customers.  Consequent to receiving the finance business license, the decision was taken to officially rebrand as People’s Leasing & Finance PLC and the company launched its new logo staying in line with its renewed vision.

The new company logo embodies the dynamic new approach the company will adopt, with a logo that displays its signature arrows bursting forth from the background and moving towards its different stakeholders, symbolising growth and prosperity.

Speaking on the company’s new identity, People’s Leasing & Finance PLC, CEO/GMD P Kumarage stated: “As we meet to ‘Embrace the Change’ on this landmark occasion, it is hard not to dwell on the remarkable achievements of the company in a relatively short period of time. Within a mere  six years since we  commenced operations, we secured the distinction of being the number one leasing company in Sri Lanka and have been able to retain this position consecutively for the last 10 years. This is a notable milestone in the country’s financial sector as we ready ourselves to meet our strategic goals, led by a vision of being a powerful conglomerate with a global presence.”

Kumarage further stated that the company did not consider itself a new entrant in to the business, considering its vast experience and track record in the leasing business and said that the company could now look to broaden its scope and offer its customers the best financial services available.

Interestingly, the receipt of the finance license makes People’s Leasing & Finance PLC Sri Lanka’s largest and highest rated finance company and the only company in operation in Sri Lanka to have received two international ratings as well. This is due to the company’s national long term rating being upgraded by Fitch Ratings Lanka from an A+ (Ika) to an AA- (Ika).

The company also enjoys a B+/B rating, which is the equivalent of a Standard & Poor’s sovereign rating, while the second international B+ rating is just a notch below Fitch Ratings International’s sovereign rating, the company looks well set to consolidate itself with the country’s expected economic boom.

People’s Leasing & Finance PLC Deputy General Manager K.M.M. Jabir told the Daily FT that the company was looking to strengthen its foundations through both savings and fixed deposits, which would allow it to rely less on bank borrowings and remain self reliant.

In addition, with the People’s Leasing Group having diversified over the years to now include six subsidiaries, customers will be able to obtain insurance, finance, microfinance, property development and fleet management services under the PL&FC brand name. The group’s insurance company set up as a subsidiary in 2010 has since steadily grown to become the fifth best company in the insurance sector.

Meanwhile, the company’s close customer relationship and a proven ability to deliver along were further demonstrated with the instant oversubscription of the company’s 2011 Initial Public Offering. More recently this year, it was the only leasing and finance company recognised as one of the ‘Ten Best Corporate Citizens’ for its sustainability-integrated business and CSR initiatives.

The company’s professionalism and dynamism in offering superior customer care levels and facilities to its customers was another reason quoted for its rapid growth in all the company’s operations.