Ideal Finance to double branch network during current financial year

Ideal Finance Limited (IFL) has opened its 13^th branch in Welimada, as part of the company’s massive expansion drive to more than double its branch network, by adding 15 new locations within the current financial year (FY 2021/22).

The new branch, which provides a range of services such as leasing, loans (including gold loans) and deposits, was opened by IFL at Welimada, given the area’s importance as a production hub for up-country vegetables and as the location of the Keppetipola Economic Centre, a key trading centre for many types of produce, the company said in a media release.

“The Welimada branch opening will be followed by the opening of new branches at several key locations in September, as Ideal Finance ramps up its branch network on the back of several key recent developments. These include attracting new Foreign Direct Investment (FDI) from India’s Mahindra & Mahindra Financial Services Limited (MMFSL), an upgrading of IFL’s rating by Fitch and the company recording its best-ever financial performance in the last financial year (FY 2020/21),” the release said.

With the latest investment, MMFSL is now Ideal Finance’s largest shareholder with a 58.2% stake, making Ideal Finance its second foreign subsidiary. MMFSL’s total investment in IFL amounts to Rs. 2 billion. Earlier, in 2020, MMFSL secured a 38.2% stake in Ideal Finance.