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| Trade Finance & Investments PLC Announces Merger |
Trade
Finance & Investments PLC (TFIL) is pleased to announce that Commercial
Credit & Finance PLC (COCR) has purchased a controlling stake of Trade
Finance & Investments PLC on 4 August 2014. This transaction was undertaken
in line with the Financial Sector Consolidation Policy of the Central Bank ofSri Lanka. Subsequent to the takeover, the two entities will be merged. Upon
merging, the combined entity will emerge as a considerable force in the finance
sector in Sri Lanka with assets exceeding LKR 33 billion (as at 31 March 2014).
Commercial
Credit & Finance PLC was established in the year of 1982 and operates in 75
locations throughout the island. The company operates with a strong portfolio
of deposits, leasing, gold loans, hire purchase, real estate, land and also micro
finance.
Commercial Credit is identified as the fastest growing finance company
in the country and has identified that developing a strategic plan is a
prerequisite to achieving consistent growth within a highly challenging
corporate environment.
Trade
Finance & Investments PLC was incorporated in 1978 and currently operates
in five locations throughout the island. The company recorded a profit of LKR
166 million for the FYE March 2014 with an asset base of LKR 1,669 million.
TFIL is well renowned as a company driven by innovation, stability and trust.
It currently enjoys a credit rating of BB+(lkr) from RAM
Ratings Lanka Limited
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