SMB Finance PLC, (SMB) Sri Lanka’s newest finance company, seeks to expand its Small and Medium Enterprise (SME) sector client base by delivering unique industry-specific and customer-centric solutions, CEO Supul Wijesinghe said.

 

“We are mostly looking at Gold Loans, Mortgage Bonds, and working Capital Loans to help the Fisheries, Agriculture, and Trade sectors,” he said.

 

He said, his and his team’s main duty is to provide maximum benefits to its shareholders and customers regardless of the country’s socioeconomic circumstances.

 

After receiving a Finance Business Licence from the Central Bank of Sri Lanka (CBSL), SMB’s Chairman and Board of Directors revealed growth plans during a press conference on Tuesday.

 

Ravi Wijeratne, Chairman, SMB, and owner of more than 60% of the firm, said the Company’s strong Balance Sheet and core capital exceeded basic CBSL criteria.

 

Prior to obtaining the finance business licence, SMB as a leasing company assisted the CBSL’s consolidation programme of the non-bank financial institutions sector by settling identified depositors of a troubled finance company Swarnamahal Financial Services PLC (SFSP). 

 

Following the recent liquidation process of SFSP, the CBSL revoked its finance company licence and issued a new licence to SMB Leasing. 

 

Chairman, Wijeratne, said, the Company has already given over Rs 460 million to the CBSL to pay off SFSP’s outstanding deposits. 

 

CEO, Wijesinghe, also said the Company anticipates announcing and launching its new product line within the first quarter of 2023.

 

“Within the next year, the company also intends to open at least 15 branches in all major provinces.

 

“We are planning to launch several new products targeting the SME sector, which has been adversely affected as a consequence of the country’s economic crisis. During the last three financial years, SMB Finance has grown its assets portfolio by over 300%” he said.

 

This growth was achieved through prudent lending practices and as a consequence of growth in shareholder capital by 200% during the same period.