Sampath Leasing into Factoring

Sampath Leasing and Factoring Limited (SLFL) a wholly owned subsidiary of the Sampath Bank launched its factoring operations recently.

SLFL has relied on state-of-the art IT capabilities provided by 3i - Infotech, a subsidiary of the ICICI Bank of India.

The launch of the company's factoring operations was marked by the signing of the first factoring agreement with M & E (Private) Limited. M & E (Private) Limited a company with a market presence of over 20 years in the self adhesive labels and stickers market in Sri Lanka.

The factoring agreement was signed by CEO of Sampath Leasing and Factoring Limited N.K. Hulangamuwa and Eardley Perera, Chairman and Hugh Perera and Ramani de Alwis Directors of M & E (Private) Limited.

Factoring is a knowledge based and service oriented business. This is financial product which is gaining popularity amongst businesses as a sustainable source of short term finance.

This service provides an instant advance on a businesses credit invoices where 80% of the receivable is available immediately dispensing with the need to wait for 30 - 45 days for the debtor to settle. Sales ledger administration and management information provided by the Factor would enable clients to focus on their core business objectives and growth.