HNB FINANCE PLC acquires Prime Finance PLC
Further extending its dominant position in the financial industry, leading integrated financial services institution HNB FINANCE PLC entered into a contractual agreement with Prime Lands and Prime Finance on 20th December, 2021, acquiring a controlling stake of 87.27% from Prime Lands (Pvt) Ltd, a pioneering force in Sri Lanka’s real estate landscape. This marks a first under CBSL’s recent consolidation plan for the sector, where two key players in the country’s financial industry partner to give rise to a powerful synergy providing impetus to a diverse product and service offering.
“This merger brings together an exciting combination that will create value for our stakeholders, our employees, our customers and communities. This partnership will strengthen HNB FINANCE’s relationship with Prime Group and expedite its foray into real estate financing. We are enthused by the prospects for synergies not only in terms of product and reach but also the opportunity to bring a talented and dynamic team into our fold which will no doubt accelerate our plans for national expansion” commented HNB FINANCE PLC Chairman Dilshan Rodrigo.
HNB FINANCE’s existing and future customers can expect to benefit from an enhanced portfolio, efficient and easily accessible services through a combined branch network, a strengthened balance sheet and better distribution of risk with the addition of Prime Finance’s 93% asset-backed loan portfolio.
“We are pleased to invite the experienced and passionate Prime Finance team into our midst and are excited by the enhanced potential to create value for customers in new ways, by leveraging the synergy arising from this union. Building on our significant market share, momentum, and the business strength of our powerful parent company HNB PLC, this new found partnership with Prime Finance reinforces our position as an industry leader and creates a robust foundation for efficiency, growth and improved financial performance. Prime Finance’s expertise and indelible reputation within the sector combined with our strengths, positions us well to further our vision of adding value to the lives of all Sri Lankans,” HNB FINANCE PLC Managing Director and Chief Executive Officer Chaminda Prabhath said.
Proving its mettle as a player to be reckoned with, the company has won many local and international accolades. HNB FINANCE was twice ranked among Asia’s Best Workplaces, and clinched numerous awards owing to its superlative marketing approach. The company was also recognised for the many CSR initiatives implemented to support the nation. Today, HNB FINANCE has gained significant market share and has established itself as a trusted and respected finance company. Hatton National Bank Plc’s financial and business strength and stability places HNB FINANCE PLC at an advantageous position to pursue greater heights.
About HNB FINANCE PLC
Established in 2000, HNB FINANCE PLC is licensed as a registered Finance Company by the Monetary Board of the Central Bank of Sri Lanka. The company holds a National Long-term Rating at ‘A(lka)’; as affirmed by Fitch Ratings. Maintaining an extensive island-wide presence across 60 branches and 10 service centres, HNB FINANCE offers a range of exceptional financial services which include Small and Medium Enterprise (SME) Loans, as well as leasing, gold loans, housing loans, personal loans, savings and fixed deposits facilities.
