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The Management of Merchant Credit of Sri Lanka Limited is proud to announce that the Company reached and exceeded the LKR One Billion Deposit Base on October 26. In 1991 when the company was bought over by Bank of Ceylon and Merchant Bank of Sri Lanka Limited the Deposit base stood at a mere 159,000. Over the years together with the slow but steady growth achieved by the company the enhancing of the Public confidence was not a daunting task. Backed by the country's Largest Commercial Bank - Bank of Ceylon, and the pioneering Merchant Bank -Merchant Bank of Sri Lanka Limited, Merchant Credit had the foundation for a stable Finance Company.

This is evidenced by the clientele that the company has, which includes large companies, Banks and state owned institutions. In addition to accepting Fixed Deposits, the company also accepts Certificates of Deposit. In the year 2000 the Company also launched a unique Deposit scheme "Yovun Pathum" with the dual objectives of inculcating a savings habit among the low income earning youth and broad basing its deposit base.

Since 1993 the company continuously recorded satisfactory profits except in 1997 when the company had to provide for the fall in value shares. The profits recorded during the years 1998 and 1999 were impressive with the expansion and diversification of the business activities of the Company. In the year 2000 an Audited Pre- Tax Profit of Rs. 20.928 million was recorded and the Managing Director /CEO Mr. Shirley Perera is confident that he will be able to exceed this profit in the year 2001 despite the adverse market conditions. An unaudited Pre-Tax Profit of Rs. 20 million has been achieved by the company for the ten months ended October 31.

Leasing, Short Term Loans, Term Loans, Bills Discounting, Import Financing and Real Estate Development are the Company's other main lines of business.

The company's business operations are done through its Head Office at the 11th Floor of the Bank of Ceylon Merchant Tower and through its Branch Offices in Kandy, Kurunegala and Horana. A window Office is also in operation in Nuwara Eliya.

The Direction of the company is at present in the hands of Sunil Wijesinha (Chairman) who is also the Managing Director of Merchant Bank of Sri Lanka Limited, Shirley Perera the Managing Director/CEO of the Company, Sarath de Silva-General Manager of Bank of Ceylon, Hiran Amarasinghe - Head of Finance of Merchant Bank of Sri Lanka Limited, Mrs, Annette Jayamaha- Deputy General Manager Range II of the Bank of Ceylon, Nihal Abeysekara and A. W. Yusuf who are Directors of Merchant Bank.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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