People’s Merchant Finance PLC (PMF) has been navigating the challenges of Sri Lanka’s banking, finance, and leasing industries for the past 35 years. Increasing challenges due to operating environment complexities, rapid advances in technology and changing consumer needs and market conditions emphasised the need to renew, revitalise, and reposition PMF’s business paradigm to fulfil the uncharted potential of the Company.
The new journey began in May 2019, when Sterling Capital Investments (Private) Limited (SCIL), a part of Sterling Japan Co. Ltd, obtained the major shareholding of PMF. As the largest exporter of Japanese vehicles to Sri Lanka, SCIL brings the required capital base and strong backing for PMF.
Accordingly, PMF embarked on strengthening its governance and risk management frameworks by appointing a new Board of Directors and augmenting risk and governance procedures to meet increasing industry compliance requirements while safeguarding stakeholder interests.
PMF also appointed leading professionals with extensive expertise in their chosen fields to their leadership team. Operating in a digitalised world with technology-savvy customers, PMF acknowledged the need to adopt state-of-the-art technology to be effective and efficient; and offer greater customer convenience. The advent of COVID-19 further showcased the importance of technology to continue business without interruption.
Today, PMF has partly realised its goals. PMF is also pursuing innovative product development opportunities and has identified Sri Lanka’s small entrepreneurs as a new customer base with plans to release an Entrepreneurial Loan Scheme by mid-2021.
CEO, Nalin Wijekoon, commented; “our company has gained many strengths and synergies from the Sterling Group leading to a turnaround situation. The new leadership and the openness to embracing digital technology will help redefine our business processes, help us stay ahead of competitors while we surmount external shocks. I am confident we will be successful in delivering value to all stakeholders as we progress in our new journey”.
Chairman Chandula Abeywickrema, a well-respected senior banker said, “We are indeed now very delighted with some of the key changes we have made so far. The new direction together with the mobilisation of internal and external strengths at our disposal is now beginning to show results. All financial indications point toward greater and better times ahead for our Company.”
The Chairman was also firm in his view of PMF following through on the revised strategic plans for the next five years despite the COVID-19 challenges. He foresees PMF adopting practical business strategies; acknowledging the challenges which surround our society and the banking and finance industry in today’s economic context.
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