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Friday, April 8, 2011

Sri Lanka LOLC gets nod to become holding company

Apr 07, 2011 (LBO) - Sri Lanka's Lanka Orix Leasing Company said it has got central bank approval to operate as a holding company of the group.

The group will continue to offer finance leasing products through subsidiaries Lanka Orix Finance Company, Commercial Leasing Company and LOLC Micro Credit, a statement said.

The move will help the group benefit from economies of scale having adopted a shared services model among group firms.

The shared services model has enabled LOLC "harness and maximise the usage of available human resource skills and achieve greater cohesiveness and focus" in its goals, the statement said.

LOLC said it wanted to become a holding company after a several strategic acquisitions and investments made in the financial sector and other "high growth" sectors like leisure, construction, technology, agriculture and renewable energy.

source - www.lbo.lk