Business

LOLC Finance notches deposit base surpassing Rs. 180 bn

Published

4 years ago

2022/12/14

Roshani Weerasekara

LOLC Finance PLC unlocked successes in many fronts while they stepped in to a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by LOLC Finance in the industry, an LOLC Finance press release said.

The release adds: ‘The merger of LOLC Finance PLC with Commercial Leasing & Finance (CLC) PLC, another subsidiary of LOLC Group, transformed LOLC Finance into the largest Non-Banking Financial Institution (NBFI) in Sri Lanka, enhancing their brand equity further more with an ICRA (A) STABLE rating.

‘LOLC Finance now holds 20% of the industry asset portfolio reflecting boundless potential for growth and expansion with an asset base of Rs. 333 Bn at the end of September 2022, which puts it on par with the large banks, offering an insight into the brand equity and scale of the merged entity today.

‘LOLC Finance also happens to be the leading and the biggest NBFI in terms of deposit mobilization. The Deposit base of the merged entity reached Rs. 180.8 Bn while the capital base reached 86.7 BN at the end of September 2022. The most important factor in this growth was the convenience offered to customers by continuing with uninterrupted and reliable solutions, through staying resilient amidst the challenging situations.

‘Sharing thoughts on the success story of the merged entity, Ms. Roshani Weerasekara, Head Liability Management of LOLC Finance stated, “Our superiority and expertise within the Savings and Fixed Deposits business unit draws from the unique customer servicing we provide to our customers together with our tailor made solutions.

‘We understand that our customer constituencies, are built with specific and diverse needs. Thus, we always fine-tune our position in the industry through finding solutions for these customer needs, through innovations. Strategically we define sectors, define products in to sectors, revisit product offerings, and develop marketing strategies while identifying key metrics to be applied.

‘Through LOLC wealth unit, we provide tailored solutions and services to our VIP clients. On the other hand, through our stretched distribution network, we mobilize granular deposits.

‘Our success story remains at how we retain our existing customers while we keep growing our deposit base. We are mastering the concept of creating options for our depositors in terms of attracting them. Customer retention ratio of LOLC Finance reflects the public perception of the company as a reliable and a trustworthy financial service provider at a period in which most of the other financial services were finding it extremely difficult to grow their depositors.

‘We are an innovative and a modern entity focused on making customers for life. At present, LOLC Finance is serving private investors, small and medium scale businessmen, public funding agencies, non-profit investors as well as personal investors. We also offers an array of services ranging from minor to senior across the board meeting all customer requirements timely”.

‘The merged entity, LOLC Finance grew from 134 to 210 branches, covering every depth and corner of the country. Customers of LOLC Finance are now extended with an extra convenience and closer access to more branches island wide. Earlier, LOLC Finance and CLC catered to two different market segments, which is now mounting to a competitive advantage, where customers from both entities are served with a value addition.

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SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

Published

10 hours ago

2026/09/26

Thilina Walpola

Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

Business

A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

Published

10 hours ago

2026/09/26

Thilina Walpola

The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

Business

Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

Published

10 hours ago

2026/09/26

Thilina Walpola

Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.