Ransith to head LB Finance factoring

Monday, 29 November 2010 00:01 -     - {{hitsCtrl.values.hits}}

Ransith Karunaratne, one of the most experienced and respected names in the factoring industry will be spearheading LB Finance’s foray into working capital finance and factoring.

As the Head of this new unit, Karunaratne promises to take the company into new areas of business previously unexplored by LB Finance. He is confident that the company has the right ingredients to make it an industry leader in this new area of business adding to its already impressive product portfolio.

Karunaratne counts over 15 years of experience and an exemplary track record in the financial services sector having successfully launched, grown and managed high quality and profitable credit portfolios. Prior to joining LB Finance he pioneered the formation of “Commercial Factors”, the factoring and working capital business unit of Commercial Leasing Company Limited. He was also a part of the Team that set up MFactor, the factoring arm of Mercantile Leasing Limited which was later renamed Nations Factors as a part of Nations Trust Bank. Karunaratne is the Country Representative for the “World Factoring Yearbook”, which is the global annual publication on the factoring industry published by BCR Publishing, UK.

Ransith completed his preliminary and secondary education at S. Thomas’ College, Mt. Lavinia and is a Fellow member of the Chartered Institute of Management Accountants - FCMA (UK). He is currently reading for his Masters in Business Administration at the Postgraduate Institute of Management, University of Sri Jayewardenepura.

Sumith Adhihetty, Managing Director of LB Finance says that the company’s faith in young yet proven professionals has paid immense dividends and cites the company’s ascendency to the top as a classical case of young minds excelling through bold thinking. “My team is fearless in breaking new ground and taking the industry by storm. Their dedication and integrity are of the highest order and team spirit unquestionable,” he says.

Financial powerhouse LB Finance makes a timely entry into the factoring market with a pledge to redefine the benchmark of factoring and working capital finance, introducing innovative financial tools which would give local businessmen a decisive edge.

The company which turned the finance industry on its head with its own brand of entrepreneurship, emerging as its trailblazer believes its visionary mandate for the new business unit would give factoring the due recognition it deserves as an important business tool.

A seasoned veteran from the factoring sphere, Karunaratne brings with him a wealth of knowledge and expertise to LB. He has mapped out a strategy which would give the company a cutting-edge as it seeks to dominate yet another market segment. “I have watched with admiration, this company transforming itself into a giant within a short period after it was taken over by its current management. Today, I am honoured to be part of a team which is poised to take the financial services industry of this country to a new level” he says.

LB Finance enjoys a rich history of nearly 40 years but it was in the last few years, after it was acquired by respected entrepreneur Dhammika Perera, that the company assumed a robust new identity, setting new benchmarks in every facet of finance. While the market was weighed down by a global downturn, LB Finance was heading in the opposite direction, clocking record-breaking performances, quarter after quarter, year on year. The public endorsed the company’s far-sighted and dynamic approach to business and propelled it to its dominant position in the market as business jumped to new highs on all fronts, from deposits to leasing.