Trade Finance and Investments PLC (TFI), in existence for over 35 years, has been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF).
The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 November 2020, the company said in a media release.
The amalgamation was driven by the financial sector consolidation plan initiated by the Central Bank in 2014, where CCF acquired majority control of TFI. Further to the request made by the CB, the Boards of Directors of both companies resolved to the amalgamation in line with the consolidation plan.
“The amalgamation would result in a combined asset base of approximately Rs.90 billion with a strong asset-base with enhanced core capital ratios which provides CCF with a strong base for future growth. Furthermore, with the inclusion of TFI’s two-wheeler and three-wheeler dominant loan portfolio into the CCF portfolio, which is also exposed to the same business line, the amalgamated company is expected to have market leadership in the two and three-wheeler lending segment in the country.
The amalgamated entity will have a branch network of 126 locations enabling it to expand and fill in the network gaps within the CCF network and reach out to its customer base more efficiently with its range of products and high service standards,” the release added.
Commenting on the milestone, Chief Operating Officer of Commercial Credit Rajiv Casie Chitty said, “The amalgamation is best-suited in keeping with Commercial Credit and Finance PLC’s progressive stance in order to serve our customer base better in fulfilling their dream for a brighter future. This will enable us to penetrate into Trade Finance and Investments’ current geographical locations covered by its branch network and gain leverage on its strengths, while introducing Commercial Credit and Finance’s broader product portfolio in these locations thereby strengthening the asset-base for the betterment of all stake-holders of both entities.”
K Seeds Investments (PVT) Ltd acted as the advisor to the amalgamation process.
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