Richard Pieris Finance Ltd, a member of the Richard Pieris Group has recently invested Rs. 650 million in Tier I and Tier II capital of Richard Pieris Finance Ltd, the group announced.
A further investment of Rs.350 million has also been made in Richard Pieris Finance Limited this week in order to strengthen the capital, bringing the total Tier I and Tier II capital investment in Richard Pieris Finance Limited during the current financial year to Rs. 1 billion, and cumulative capital investment to Rs. 2.2 billion.
Another key SBU in the financial services sector of the Group is Arpico Insurance Limited which has won the award as the fastest growing life insurance company in Sri Lanka consecutively for two years. As per published information, the parent company of the Group, Richard Pieris & Company PLC is also one of the top ten largest shareholders of NDB Bank which highlights the commitment of Richard Pieris Group to the financial services sector of the country.
With a heritage of 88 years, Richard Pieris Group has an asset base of Rs.72 Billion. As an economic powerhouse with more than 50 factories spread across the country, Richard Pieris Group is a key stakeholder in fueling the economy of the country. The Group also has the pride of being the largest tea and rubber producer in the country.
Richard Pieris Group also runs the only hypermarket chain in the country well known as Arpico Super Centres which offer the largest and unmatched range of goods under one roof to its valued customers.
Due to the outbreak of COVID-19, Richard Pieris Finance Ltd granted a moratorium for a lending portfolio amounting to Rs. 10 billion to SME and individual customers at a concessionary rate as directed by the Central Bank of Sri Lanka. This moratorium marginally impacted the capital adequacy ratios of Richard Pieris Finance Limited, which has been considered in the new capital infusion by the Group.
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