Pratapkumar makes way for Romani as MD at Alliance Finance

Wednesday, 8 December 2010 00:01 -     - {{hitsCtrl.values.hits}}

Top finance industry veteran to remain as Chairman

Top finance industry veteran Pratapkumar de Silva has made way for his son Romani to take the reins as Managing Director of Alliance Finance though the former will remain as Chairman.

Pratapkumar until yesterday functioned as Chairman and Joint Managing Director but retired from his latter capacity elevating Romani as Managing Director in addition to his other designation as Deputy Chairman. He also holds 25% stake in the Company.

Alliance Finance Plc is one of the oldest and respected listed finance companies in the country.

In the first half of 2010/11 financial year, Alliance Finance Company Plc achieved a net profit of Rs. 35.1 million, up by 167% over the corresponding period of last year. Income grew by 20% to Rs. 851.6 million. Total assets amounted to Rs. 6.7 billion as at 30 September, 2010, up from Rs. 5.7 billion a year earlier and Rs. 6.3 billion as at 31 March, 2010. Deposits amounted to Rs. 4.4 billion, up from Rs. 4.1 billion as at March 2010 and Rs. 3.5 billion as at September 2009. In the quarter ended September 2010, the Company’s share price peaked to Rs. 980.50 and a low of Rs. 405 before closing at Rs. 859.60 as against Rs. 400, Rs. 195 and Rs. 398 respectively in the corresponding quarter of last year. The 2009/10 financial year was Alliance Finance’s best with Rs. 3.5 billion turnover and a Rs. 78 million pre-tax profit.

Romani is a Fellow of the Institute of Credit Management, Sri Lanka whilst he also serves as Director of the Leasing Association of Sri Lanka. He counts over 24 years experience in the finance industry and is described as the pioneer of Collaboration Financing — a unique financing concept designed to provide finance for entrepreneurs to expand their businesses. The creation of this concept resulted in Alliance Finance becoming the first and only Finance Company in Sri Lanka to be awarded the ISO 9001 Certification for designing business – specific financial solutions. He was also awarded two Bronze Awards for this innovation at Provincial & National levels at the Sri Lanka Entrepreneur of the year 2001 contest. Romani is a Life Member of the Sri Lanka Institute of Directors, Member of the Chamber of Young Lankan Entrepreneurs and Representative (Alt.) of the Leasing Association of Sri Lanka on the Committee of the Ceylon Chamber of Commerce.

Pratapkumar counts for 54 years in the finance sector and is also the Senior Chairman of the Alliance Group of Companies. A Fellow of the Institute of Credit Management, Sri Lanka and Fellow of the Institute of Credit Management England, he is the first Sri Lankan to be honoured as a Fellow of the Institute of Credit Management, England. He is also the Honorary Consul of the Republic of Peru in Sri Lanka.