Abans gets into finance

Consumer electronics giant Abans Group has taken a decisive step in its strategy of diversification by setting up of the country's latest finance company, Abans Finance.

Managing Director of Abans Finance, Mano Alles told The Sunday Times FT that the Central Bank (CB) approved its license application in part, due to the company's unique position in terms of penetration, owing to the wide network of Abans showrooms and dealer networks that exist across the country. She said that the CB recognized that there is a market for another finance company and with over 200 showrooms and over 400 dealer networks Abans already has access to rural areas to mobilize deposits and work with small and medium enterprises. Abans has received approval to open 10 branches across Sri Lanka.

"In our case, because of the network the parent company has, we have already opened seven windows and will open three more and gradually upgrade them into branches," Alles said. Abans Finance will link itself up to the massive island-wide network of Abans showrooms in key towns and expand gradually, operating independently even while drawing from synergies.

In a statement, Alles also said that their vision is to offer basic awareness of sound financial planning while offering tailor-made financial support and investment tools to people who don't have ready-support from large banks. "It is our responsibility to help more people become players in the formal economy, carving out a better future for themselves and the country too."

Chairperson of Abans Group, Aban Pestonjee said Abans has emerged as a strong player in corporate Sri Lanka with an impressive asset base and growing interests in different field of business. "Abans Finance will draw inspiration from the synergies of the Group and consolidate its advantage through reach by offering Sri Lankans a new dimension in personal and business finance," Pestonjee said.

Abans Finance says it infuses a unique appeal to popular financial products like Fixed Deposits and Leasing while also serving the Real Estate market. Its officers manning the 'windows' initially located at select Abans showrooms have been commissioned to play an active role in the development drive of the particular area with the company convinced that there is ample opportunity for it to emerge as an integral part of the social fabric of the country.

"Ours is an ambitious plan as a Group to harness our widespread synergies in formulating a business model which would offer more focused but broader benefits to our customers," Pestonjee said.