Mahindra IDEAL Finance Limited Opens Doors in Chilaw

(LANKAPUVATH | COLOMBO) – Adding to its expanding network of islandwide branches, Mahindra IDEAL Finance, one of Sri Lanka’s premier financial services providers, recently opened its new branch in Chilaw. Located at 22, Shirley Corea Mawatha, Chilaw, the new branch provides customers with a modern and well-designed space, reflective of the Company’s ideals. Customers in the region can now conveniently and comfortably access Mahindra IDEAL Finance’s extensive portfolio of financial products and services, which include fixed deposits, gold loans and leasing. The new branch was declared officially open amidst a special opening ceremony held in the presence of valued customers, staff, special guests and senior officials representing Mahindra IDEAL Finance’s senior management team.

Discussing the new branch and the Company’s network expansion strategy, Mr. Duminda Weerasekara – Chief Executive Officer at Mahindra IDEAL Finance Limited said, “Furthering our network expansion, we are now focusing on the regional economic centres around the island. Chilaw has a coloured history and plenty of natural beauty, including a glorious stretch of coastline, making it a favourite amongst tourists. The area is also known for its agricultural and industrial activities. This makes Chilaw an area of interest for us, as we aim to target an increasingly diverse clientele across Sri Lanka, as it serves as an economic and social centre for tourists and communities in the town and surrounding areas. Therefore, we believe that by establishing a presence in Chilaw, we are adding value to our islandwide presence, while also helping local communities across the Puttalam District create value in their daily lives, and for all Sri Lankans, through productive economic activity.”

Mahindra IDEAL Finance Limited, Chilaw marks the Company’s third physical location within the North Western Province, alongside Kurunegala and Kuliyapitiya, also significant commercial centres within the Province. The new Chilaw Branch will also help to create many employment opportunities for members of the local community, as Mahindra IDEAL Finance Limited has been recognized as an employer of choice for those seeking to build careers in Sri Lanka’s financial services industry, with the Company having received the accolade of being a Great Place to Work™ for 3 years consecutively.

The Company’s rapid network expansion drive comes in the wake of Mahindra and Mahindra Financial Services Limited, India acquiring a controlling stake in IDEAL Finance Limited. Subsequent to its acquisition last year, by these financial services giants,IDEAL Finance Limited has rebranded itself as Mahindra IDEAL Finance Limited, with a vision of transforming the Company into one of Sri Lanka’s leading licenced Finance Companies. Following Mahindra’s investment in IDEAL Finance Limited, Fitch Ratings has also upgraded Mahindra IDEAL Finance Limited’s ratingto AA – (lka) with a stable outlook.

Mahindra IDEAL Finance Limited (MIFL) is a Non-Banking Financial Institution(NBFI) registered with Central Bank of Sri Lanka and commenced operations in March 2012 with a clear focus on the rural and semi-urban sectors. Its lending portfolio consists of gold loans, personal loans, leasing facilities for motorcars, three-wheelers, agriculture vehicles and commercial vehicles,while also providing depositors with attractive returns on their investments.

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