LCB Finance is ready to expand the network up to 12 branches before the end of this year, with Kuliyapitiya, Akuressa, Deiyadara and Tangalle.
It has planned for another eight branches for the next year by mainly concentrating on the upcoming cities.
In a statement LCB Finance CEO/Executive Director said they would be very much happy about their performance at the IPO, which was oversubscribed. Lanka Credit & Business Finance Limited (LCBF), the recipient of the Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021 in Global Economics UK, saw its initial public offer (IPO) oversubscribed with the IPO value of Rs.500 million. LCB Finance Limited’s IPO saw an overwhelming response from all the categories of investors, including institutional and retail investors.
It was proceeding for an IPO to raise the core capital to meet the regulatory maximum of Rs.2.5 billion, having met the current prudential regulatory core capital requirement of Rs.2.0 billion. Sampath Bank PLC is the banker to the IPO whilst Corporate Services (Private) Limited is the registrar and NDB Investment Bank is the manager to the same.
The innovation, customer relationship and reliance on technology have been the key competitive strengths of LCB Finance Ltd. Since the beginning of this year, the overall operating efficiency and management procedures of the company have improved remarkably, consequent to the adoption of the new core banking system facilitating entry to the SLIPS, thereby improving the customer services as well. LCB Finance Ltd has been elected to the Main Board of Lanka Micro Finance Practitioners Association (LMFPA) for the year 2021/2022.
Unlike traditional financial services, 90 percent of LCB Finance branches are located outside the Western province to enable financial services to low and mid-income level income earners. While targeting small and medium entrepreneurs, LCB Finance caters to non-bankable community in Sri Lanka by delivering financial facilities to approximately 200,000 citizens.
Furthermore, for the first time in Sri Lanka LCB Finance partners with LIRIDI Lanka (Pvt.) Ltd to promote micro business to channel development funds into the grass root levels.