Next Finance ownership changes from Aspic to Mutual; Rebrands as Kanrich Finance

Tuesday, 12 October 2010 22:34 -     - {{hitsCtrl.values.hits}}

Next finance today announced and introduced a new corporate identity by changing the name to Kanrich Finance Limited following the change of ownership from Aspic Corporation Limited to Mutual Holdings Limited.

‘Kanrich’ is a Sinhala name giving the meaning “collective consent” signifies the company’s new strategy of collaborating the thinking of stakeholders, customers, regulators and professionals in dotting the road to mutual growth and prosperity.

Incorporated in 1971 as Mutual Finance and Investment Limited, the company has been in existence for over 40 years in Sri Lanka as a Registered Financial Company with the Central Bank of Sri Lanka. Currently the company is undergoing significant changes overlaying the way for a growth strategy accompanied by greater transparency and professionalism.

Subsequent to the recently concluded private share issue, the majority shareholder, Aspic Corporation Limited exited and the Mutual Holdings (Pvt) Limited emerges as the single largest shareholder of Next Finance Limited.

Accordingly S. H. Piyasiri, Chairman of the Mutual Holdings Ltd. and the former General Manager/CEO of National Savings Bank was appointed as the new Chairman of the Company whilst former Chairman of State Pharmaceutical Manufacturing Corporation, Dr. K.M.S.B. Rekogama assumed as the new Deputy Chairman.

Piyasiri, Fellow Member of The Chartered Institute of bankers London, counts over 35 years experience in the banking sector. He held the position of the president of the Chartered Institute of Bankers, London – Colombo centre for two consecutive years.

Dr. Rekogama is the past President of Institution of Incorporated Engineers Sri Lanka, Past Vice President of Institute of Automotive Engineers of Sri Lanka and Chairman of the Past Presidents Forum of IIESL and also a District Governor of International Association of Lions Club District 306A1. Currently he is holding the position of the Executive Director of Janatha Estate Development Board (JEDB).

Former Deputy Director of Bank Supervision Division of the Central Bank of Sri Lanka S. Talagala is the other new member to join the Board of Directors of the company. He counts over 43 years of experience as a Senior Banker and currently serves as an attorney-at-law.

Director/CEO of the company Dammika Sriwardhana expects that the company would lead the way in promoting personalised customer service and said that all processes of the company will be directed towards achieving this objective.

He also added that the company would be expanding its business by opening more branches in other regions of the country very soon, providing service to wider clientele. The new board will introduce best practices in the banking and financial sector and ensure further transparency of operations.