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To fall in line with Central Bank consolidation plan
H.D.H Senewiratne
Arpico Finance Company PLC that operates as a finance company is now in the process of merging with Richard Pieris and Company. This is with regard to the Central Bank road map for the 2014 on the finance company consolidation plan.
"At present the negotiations are ongoing with regard to this merger with Richard Pieris Company.We need to inform the Central Bank on or before March 31, about this move," Chief Finance Officer, Arpico Finance Chandrin Fernando told the Daily News Business.
He said that still the company engages in accepting public deposits; and providing vehicle leasing and hire purchase services, as well as term loans, consumer durable loans, and gold loans. It also markets real estate home plots and invests in securities.
Arpico Finance Company was incorporated as an associate company of renowned Richard Peiris Group on May 1, 1951 and is the second oldest finance company in Sri Lanka. Central Bank's consolidation process aimed at reducing by half the number of finance companies through mergers and acquisitions and merger of the two main development banks is going on smoothly.
The CB said in a statement that the process would not, in any way, affect current transactions and deposits by customers of banks and finance companies.
Where the rationale of the consolidation was explained to bankers and finance company officials as well as auditors and other concerned parties, the CB also held one-on-one meetings with almost all "boards of directors and senior management of the local banks and finance companies with the expectations of the consolidation process was further clarified and specific issues pertaining to particular institutions were discussed in detail".
The statement said the CB informed the banks and Non Banking Finance Institutions s to approach the consolidation process in a professional manner by seeking specialized IT, Legal, Tax and HR services in order to ensure the objectivity and integrity of the process.
In keeping with the request of the CB, banks and Non Banking Financial Institutes agreed to submit their preliminary proposals by March 31,2014.
http://www.dailynews.lk
H.D.H Senewiratne
Arpico Finance Company PLC that operates as a finance company is now in the process of merging with Richard Pieris and Company. This is with regard to the Central Bank road map for the 2014 on the finance company consolidation plan.
"At present the negotiations are ongoing with regard to this merger with Richard Pieris Company.We need to inform the Central Bank on or before March 31, about this move," Chief Finance Officer, Arpico Finance Chandrin Fernando told the Daily News Business.
He said that still the company engages in accepting public deposits; and providing vehicle leasing and hire purchase services, as well as term loans, consumer durable loans, and gold loans. It also markets real estate home plots and invests in securities.
Arpico Finance Company was incorporated as an associate company of renowned Richard Peiris Group on May 1, 1951 and is the second oldest finance company in Sri Lanka. Central Bank's consolidation process aimed at reducing by half the number of finance companies through mergers and acquisitions and merger of the two main development banks is going on smoothly.
The CB said in a statement that the process would not, in any way, affect current transactions and deposits by customers of banks and finance companies.
Where the rationale of the consolidation was explained to bankers and finance company officials as well as auditors and other concerned parties, the CB also held one-on-one meetings with almost all "boards of directors and senior management of the local banks and finance companies with the expectations of the consolidation process was further clarified and specific issues pertaining to particular institutions were discussed in detail".
The statement said the CB informed the banks and Non Banking Finance Institutions s to approach the consolidation process in a professional manner by seeking specialized IT, Legal, Tax and HR services in order to ensure the objectivity and integrity of the process.
In keeping with the request of the CB, banks and Non Banking Financial Institutes agreed to submit their preliminary proposals by March 31,2014.
http://www.dailynews.lk
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