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Arpico Finance reaffirms its merger with AMF

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With an ambitious drive to be one of the foremost finance companies in the country, the merger between Arpico Finance Company PLC (AFC) and Associated Motor Finance Company PLC (AMF) does not come entirely as a surprise. This will further strengthen the safety and trust of customers, which was unblemished during the last 69 years.

Despite the transaction making little market overlap sense on the surface, it certainly hints at future strategic plans that will open doors to build one strong entity which will be safer for its depositors. It will also provide a pathway to enhance and strengthen its current capital position, complying with the objectives of the regulatory authorities.

The merger is also expected to enhance value through consolidating and administrating the operational infrastructures more efficiently while adding more value to all stakeholders, enabling the merged entity to emerge as a considerable force in the finance sector of Sri Lanka.

Chandrin Fernando, CEO of Arpico Finance Company PLC, said that formalities on the merger with its major shareholder AMF have been ongoing successfully.

“The operational environment of the two companies is ready to proceed with the legal merger and it’s in progress”, he said.

“This will create a stronger entity in terms of capital and regulatory compliance and will enhance the commitment towards the depositors with accountability”, he added.

Associated Motor Finance Company PLC CEO T. M. A. Sallay added, “We anticipate the merger with AFC to be completed very soon. This will undoubtedly improve overall synergies, leveraging on each other’s key strengths and competencies”.

AMF acquired 94pct of shares in AFC in October 2014. Both the companies are regarded as two of the oldest finance companies in the country, achieving a consistent growth in a highly challenging and turbulent environment. AFC continues to rank as one of the leading licensed finance companies with the longest history in Sri Lanka with AMF following closely, claiming fourth position.

Established in 1951, Arpico Finance Company PLC with a track record of close to seven decades stands strong as one of the finance companies in the country. The company operates through 10 branches with its principal lines of business include finance leasing, mortgage loans, personal loans, and acceptance of time and savings deposits.

Associated Motor Finance Company PLC was established in 1962 and currently has a wide dealer network island wide offering leasing with a portfolio largely comprising two-wheelers.

The group also specializes in mortgage loans, personal loans, and acceptance of time and savings deposits. As of March 31, 2020, the Group Total Asset base was Rs. 20.34 Billion and the Group Equity was Rs. 2.06 Billion.



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HNB joins CBSL to promote ‘Rata Purama LANKAQR’ campaign in Kandy

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HNB PLC once again joined the Central Bank of Sri Lanka (CBSL) to promote the ‘Rata Purama LANKAQR’ campaign to raise awareness and encourage the public in the Kandy district towards a cashless payment ecosystem.

HNB, together with other financial institutions and telecommunication partners, participated in the day-long event held at the Kandy City Center. The bank raised awareness regarding its LANKAQR integrated HNB SOLO payment app while onboarding merchants during the promotional campaign.

“During the early stages of the pandemic we witnessed many of our customers and members of the public seamlessly adopt our cashless and contactless payment app HNB SOLO. With COVID and the subsequent launch of the ‘Rata Purama LANKAQR’ campaign the number of users of these types of systems have increased exponentially.

“Given that the mutual vision of the Central Bank of Sri Lanka and HNB is for a financially and technologically empowered Sri Lanka, HNB is proud to serve as an enthusiastic partner to roll out LANKAQR island-wide. The fact that we now have merchants in the cultural capital of Sri Lanka making this shift is another major milestone in this digitalization journey,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.

 

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ComBank’s ATM network sets new records for cash dispensed during festive season

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The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs 8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.

The disbursements of Rs 4.498 billion on April 9 and Rs 4.320 billion on the following day represented a substantial increase over the single-day values recorded in previous years.

In total, Commercial Bank dispensed Rs 41.748 billion via its ATM network between 1st and 15th April 2021 at an average of Rs 2.783 billion per day, reaffirming the indispensable role it plays in the lives of Sri Lankans, as well as the reliability and robustness of the network. On seven of these 15 days the network dispensed more than Rs 2 billion a day, and on five days disbursements exceeded Rs 3 billion a day, the Bank said.

Comprising of 890 ATMs, the network processed 2.434 million transactions over the 15 days at an average of 168,988 transactions a day, while on 9th April, the number of transactions processed totalled 233,990 at an average of 9,749 transactions per hour or 162 transactions per minute.

The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully-fledged Tier I Bank with a majority stake.

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‘Ceylinco VIP Cyber Tharu’ to showcase Sri Lankan talent

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Ceylinco General Insurance has announced an online competition with a novel concept to showcase Sri Lankan talent by providing a platform for them with the opportunity to win handsome cash prizes.

“This time, our effort is to organize an online competition that provides an opportunity for Sri Lankan people to display their talent and also to identify hidden talents whilst rewarding them. There will be five overall winners whose prize money will be over Rs. 1 million and each category winner will get Rs 100,000/-. Ten randomly picked voters too will receive handsome cash awards,” said Patrick Alwis, chairman CEO of Ceylinco General Insurance.

The guidelines and the criteria of the competition were announced recently through a dedicated website and other social media platforms: Facebook, Instagram, twitter, You Tube as well as LinkedIn. Contestants can perform under five categories, namely, singing, dancing, instrumental performances, fashion modelling and funny videos / Standup comedy. Individuals over 18 years could perform under the individual category whilst the group category will have no age limit.

Under the group category either families or a group of friends could take part. Each entry will have to be specially recorded for this competition. Prior to recording the performance, they should download the image of the logo and have it displayed prominently in the background. Performances could be recorded using a smart phone or a video cam.

 

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