LOLC seeking to acquire firms outside financial services

Lanka Orix Securities Company (Pvt) Ltd, the leasing company, changed its corporate identity last week to LOLC, in a bid to depict its growth into new financial services such as insurance, factoring, savings, fixed deposits, micro and agro finance and also non-financial service areas such as IT and project development.

The company is also gearing to acquire businesses outside financial services this year, according to Ishara C. Nanayakkara, Deputy Chairman, LOLC. “We want to be a total non-banking financial services provider and hope to invest in companies that fall into this category,” he said.

“While we pursue business opportunities in the above-mentioned areas to give customers total solutions, our emphasis is on micro finance and agriculture finance, as these areas need to be supported in order for the country to achieve sustainable economic development,” he said.

He said that many multilateral funding agencies around the world, want to partner LOLC in the work it has been doing in the Micro, Agro and SME sectors due to a proven track record, solid business direction, transport governance and strong financial profile.

“We are also focusing on regions outside Sri Lanka with the intention of bringing learning from those markets into Sri Lanka. Our investment in the micro finance institution PRASAC in Cambodia is a move in this direction,” he added.