LB Finance commences factoring and working capital financing operations

Friday, 17 December 2010 01:13 -     - {{hitsCtrl.values.hits}}

Over the past three years LB Finance has established itself as the undisputed trailblazer in the financial services industry and continues to impress the business world with a refreshingly innovative and robust brand of financial stewardship offering its customers an unmatched product spread coupled with a delightful service.

From left: Deputy General Manager Manjula Gooneratne, General Manager Ravi Yatawara, Executive Director March Perera, Managing Director Sumith Adhihetty, Executive Director Niroshan Udage and Deputy General Manager – Factoring, Corporate Lending and Investments Ransith Karunaratne

LB Finance yet again makes its mark with the timely launch of its brand new Factoring and Working Capital Business Unit. The business unit promises to boost the benchmark of factoring and working capital finance by introducing ground breaking financial tools which would give local businesses a vital edge. LB Finance believes its visionary mandate for the new business unit would give factoring the recognition it deserves as an important and pragmatic business tool.

Factoring is structured on the principle that businesses of all forms and sizes could sell their invoices to a Factoring company, converting them into ready cash while the factoring company accepts the responsibility of collecting the invoice value from the customer at the expiry of the credit period.

“It’s simple; businesses need not tie down their working capital and profits in long-term credit periods required by customers. We at LB Finance Factoring, are poised to add a new dimension to the business of factoring,” said Ransith Karunaratne, Deputy General Manager – Factoring, Corporate Lending and Investments, the recent addition to the LB Team.

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

“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. “I am confident that LB has the right ingredients to make it an industry leader in this new area of business adding to its already impressive product portfolio.”

The unique offering of LB Finance Factoring will be fourfold according to Karunaratne. “The most important feature is our creative and flexible approach to problem solving,” he stated.

“We will provide our clients with innovative, tailor-made working capital solutions to meet their specific business requirements with greater funding flexibility. Furthermore, LB Finance Factoring is supported by custom-built state-of-the-art factoring and working capital management system. Clients will enjoy a dedicated relationship management team who will provide personalised support at all times, our team counting over 50 years experience between them is poised to give our clients the confidence necessary to develop and continue their success.”

Managing Director of LB Finance Sumith Adhihetty, credits the company’s successes to its 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 said.

LB Finance enjoys a colourful history of nearly 40 years but it was in the last few years following its acquisition by respected entrepreneur Dhammika Perera that the company assumed a robust new identity, setting new benchmarks in every facet of finance.

In a market weighed down by the global downturn, LB Finance was heading in the opposite direction, clocking record-breaking performances quarter after quarter, year after year. The public’s immense confidence in the company’s dynamic and far-sighted method of business has propelled it to its dominant position in the market as business jumped to new highs on all fronts, from deposits to leasing.