Sri Lanka’s People’s Leasing to enter Bangladesh
ECONOMYNEXT – People’s Leasing and Finance Plc, Sri Lanka’s largest non-bank lender, is entering Bangladesh, with domestic credit volumes also expected to grow to 15 percent in 2016.
People’s Leasing has entered into a deal with Alliance Leasing and Finance Company to buy a 51 percent stake, the firm said in a stock exchange filing.
Chief Executive D P Kumarage said, in 2016, the firm was expecting 10 to 15 percent growth in its leasing business, despite an increase in the loan-to-value ratio for leases.
Sri Lanka’s Central Bank upped loan-to-value ratios for car leases after printing money to keep interest rates down and precipitating a balance of payments crisis.
In a country dominated by false Mercantilist doctrine, car imports and oil is frequently blamed for balance of payments troubles.
People’s Leasing marks 20 years today. (Colombo/May31/2016)