The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd, the bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.
The formal re-naming of the entity acquired by the bank in 2014 marks the completion of its transition into the Commercial Bank Group. The restructured company will operate under its new name and new corporate logo from December 30, the bank said in a media release.
With this relaunch, the finance company can be instantly identified with its parent company, the benchmark private bank in Sri Lanka.
Commercial Bank renamed Indra Finance as Serendib Finance Ltd after the company’s acquisition. Total assets of the company have increased from Rs.1.95 billion in 2014 to Rs.8 billion as at end November 2020. CBC Finance operates 10 branches island-wide, delivering a wide range of financial services including vehicle leasing, mortgage and business loans and fixed deposits.
CBC Finance’s Fitch rating AA-(lka) is driven by the rating agency’s view that its parent company, Commercial Bank of Ceylon PLC, the largest private commercial bank in Sri Lanka, would provide it with extraordinary support, if required, the release said.
Products offered by CBC Finance include leasing solutions for a wide range of vehicles and equipment including personal and commercial vehicles, special purpose vehicles, and agricultural equipment;
Fixed Deposit facilities with attractive interest rates; and Loan facilities including Business Loans, Mortgage Loans, and Pledge Loans. Its branches are located in Kandy, Colombo, Anuradhapura, Kaduruwela, Dambulla, Embilipitiya, Matara, Kiribathgoda, Kurunegala and Negombo.
The company says it offers leasing customers the best lease rental rates and flexible payment options, tailor-made leasing packages, hassle-free documentation and quick approval processes, and special insurance packages.
(LIN)