Thursday, February 2, 2023
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Mahindra IDEAL Finance Expands Presence in the Hills with New Branch at Katugasthota

Driven by its passion to take modern, convenient and accessible financial products and services to the rural and semi-urban sectors, Mahindra IDEAL Finance Limited is pleased to announce the unveiling of its new Katugasthota Branch. Located at 214, Madawala Road, Katugasthota, Mahindra IDEAL Finance, Katugasthota is the 22nd addition to the Company’s growing islandwide branch network. The new Katugasthota Branch was declared open amidst a special ceremony held in the presence of valued customers, staff, special guests and senior officials representing Mahindra IDEAL Finance’s senior management team. The new Branch will serve customers in Katugasthota and the surrounding areas, including parts of the Greater Kandy Area.

Discussing the Company’s network expansion plan and the new branch, Mr. Duminda Weerasekara – Chief Executive Officer at Mahindra IDEAL Finance said, “Guided by our overall business growth plan, our network expansion strategy has identified Katugasthota as a key nexus in the Central Province. It is where, in fact, both the A9 and A10 highways meet, while Katugasthota also serves as one of the three main entry points to the City of Kandy. As a result, it is ideally suited to serve customers in parts of the Greater Kandy Area, in the direction of both Kurunegala and Matale, areas that are hives of commercial, industrial and agricultural activity in the region, particularly for SMEs. It will also be an opportunity for us to provide and create value for the many wealthy businessmen, landowners and merchants in the area, with regard to investment and wealth creation opportunities. The exceptional and emerging talent pool in the area is also very attractive to us.”

Having been tipped as a Great Place to Work for 3 years consecutively, Mahindra IDEAL Finance Limited is an employer of choice within the financial services space in Sri Lanka. Looking to grow and consolidate its human capital, the Company believes that its new Katugasthota Branch will enable it to attract new talent from the area, as it seeks to further expand its operations across Sri Lanka. The Company’s rapid network expansion drive was launched subsequent to Mahindra and Mahindra Financial Services Limited, India acquiring a controlling stake in IDEAL Finance Limited in 2021, soon after which Fitch Ratings upgraded the Company’s rating to AA – (lka) with a stable outlook, in recognition of the Company now being backed by a global financial services giant.

About Mahindra IDEAL Finance

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.

Photo Caption: Senior Management of Mahindra IDEAL Finance Limited with Branch staff and customers on the opening day of the Company’s Katugasthota branch.

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