ComBank eyes new opportunity in Indra Finance
View(s):Sri Lanka’s Commercial Bank acquiring Indra Finance was eyed as an investment into an area not ventured into by the bank with a good opportunity, a top official at the bank said.
The bank will be buying Indra Finance for Rs.870 million as part of the Central Bank’s drive for the consolidation of the finance companies in the country the bank stated in a stock exchange filing on Wednesday.
Commercial Bank Managing Director Jegan Durairatnam speaking with the Business Times said on Thursday that the new acquisition would be “a good opportunity” to venture into a risk profile the bank is not involved in already.
“We saw a business case in looking to buy a finance company,” Mr.Durairatnam said adding that “this is not a risk profile we are not into.”
He noted that it was a “good opportunity to look at a finance company” and a “definite addition to the lending book.”
The bank would operate apart from the newly acquired finance company and there would be no connection,
it was stated.