Nine months after it acquired Indra Finance Limited, Commercial Bank of Ceylon PLC has announced the renaming of its fully-owned subsidiary as Serendib Finance Limited.
Acquired by Commercial Bank on September 1, 2014, the company will henceforth operate under its new name and a new corporate logo, the announcement said.
While retaining its share in the motor vehicle leasing market as well as in hire purchase, mortgage loans and consumer finance, Serendib Finance -- which operates 11 branches in Sri Lanka -- will, with the backing of the country’s largest private bank, seek to consolidate and expand its reach, the bank said.
The acquisition of Indra Finance and the relaunch of the company under a new name would also benefit the bank by enabling it to further extend its leasing operations and penetrate new customer segments to enhance its strengths in leasing through its ability to offer lower priced finance options to customers who finance vehicles through Serendib Finance, Commercial Bank Managing Director/CEO Jegan Durairatnam said.
“Commercial Bank had identified leasing as an area for development as part of its strategic expansion to reach untapped market segments and business lines and saw the potential of Indra Finance in this context,” Durairatnam said.
“The acquisition is therefore expected to be beneficial to both the customers and the stakeholders of the renamed Indra Finance.”
The adoption of the new name Serendib Finance is supported by a rebranding initiative, which included redesigned signage at the head office and branches of the company and the launch of a new logo.