Business
Arpico Finance reaffirms its merger with AMF
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.
Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.
His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.
He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.
The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.
Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.
Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.
Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.
Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.
In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.
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