AMWCL, having commenced Fixed Deposit mobilisation in the latter part of 2013, announced the achievement of Rs. 1 billion in public deposits within a short period of time. This reflects the public trust and confidence in the company and the people behind it.
AMWCL is the only finance company owned by Associated Motorways Ltd., popularly known as AMW, which is a fully-owned subsidiary of the Al-Futtaim Group, UAE.
As the only finance company within the AMW Group, AMW Capital Leasing and Finance PLC commenced operations as a specialised leasing company in 2006 to enhance and add value to automobile operations of the group. Subsequently the company obtained license in 2009 from the Monetary Board of the Central Bank of Sri Lanka to conduct finance business which included deposit mobilisation.
Elaborating on the occasion of surpassing the Rs. 1 billion mark, the companys Director/CEO Brandon Morris said: “We are very pleased to have achieved this milestone with the trust and confidence of our customers within this short period of time.”
AMWCL is a listed entity in the Colombo stock exchange with a current asset base of Rs. 8.6 billion and an NPL ratio of 2.64%, reflecting the very high asset quality of the company. Further, the company has been assigned a credit rating of BB-(lka) Stable Outlook by Fitch Ratings Lanka Ltd.
“Strategies are in place to double this amount by the end of 2015,” added Brandon, on the companys future plans. The company has a network of 17 branches islandwide, offering financial products from fixed deposits to leasing, hire purchase, auto loans, working capital loans, micro finance and Islamic finance.