Central Finance buys Sri Lanka small leasing company
COLOMBO, Nov 12, 2014 (EconomyNext) – Sri Lanka’s Central Finance Plc, a licensed finance company, said it had bought Isuru Leasing Company for 301 million rupees.
Central Finance is an ‘A+(lka)’ rated lender by Fitch.
Sri Lanka larger banks and finance companies have been nudged by the Central Bank to buy up smaller ones in a bid to create large entities that are more resistant to economic shocks and to reduce the regulatory burden.
Several finance companies got into trouble following the low interest rate bubble period that came in the wake of fiscal and monetary loosening from 2004 to 2008.