ComBank launches CBC Finance as the successor to Serendib Finance | Daily News

ComBank launches CBC Finance as the successor to Serendib Finance

Upul Dissanayake, Dharma Dheerasinghe, S. Renganathan, Sanath Manatunge, and Dr Janaki Kuruppu at the launch.
Upul Dissanayake, Dharma Dheerasinghe, S. Renganathan, Sanath Manatunge, and Dr Janaki Kuruppu at the launch.

The Commercial Bank of Ceylon PLC has announced the launch of CBC Finance Ltd., the Bank’s fully-owned Licenced Non-bank Finance Institution (NBFI), formerly known as Serendib Finance and Indra Finance.

The formal re-naming of the entity acquired by the Bank in 2014 marks the completion of its transition into the Commercial Bank Group. The restructured company will operate under its new name and new corporate logo from 30th December 2020, the Bank said.

With this relaunch, the finance company can be instantly identified with its parent company, the benchmark private bank in Sri Lanka and the most awarded bank in the country.

Commercial Bank renamed Indra Finance as Serendib Finance Limited after the company’s acquisition. Total assets of the company have increased from Rs 1.95 billion in 2014 to Rs 8 billion as at end of November 2020. CBC Finance operates 10 branches island-wide, delivering a wide range of financial services including vehicle leasing, mortgage and business loans and fixed deposits.

CBC Finance’s Fitch rating AA-(lka) is driven by the rating agency’s view that its parent company, Commercial Bank of Ceylon PLC, the largest private commercial bank in Sri Lanka, would provide it with extraordinary support if required.

CBC Finance is a licensed finance company approved by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No.42 of 2011.

Products offered by CBC Finance include Leasing solutions for a wide range of vehicles and equipment including personal and commercial vehicles, special purpose vehicles, and agricultural equipment; Fixed Deposit facilities with attractive interest rates; and Loan facilities including Business Loans, Mortgage Loans, and Pledge Loans. Its branches are located in Kandy, Colombo, Anuradhapura, Kaduruwela, Dambulla, Embilipitiya, Matara, Kiribathgoda, Kurunegala and Negombo.

The Company says it offers leasing customers the best lease rental rates and flexible payment options, tailor-made leasing packages, hassle-free documentation and quick approval processes, and special insurance packages.