Monday, October 2, 2023

Mahindra IDEAL Finance Set to Create New Opportunities in Gampaha District

Negombo is one of the key economic centres of the Gampaha district, the 2nd largest contributor to economic activity in Sri Lanka’s most-populous province, the Western Province. Cognizant of the need for new opportunities for entrepreneurs, and also for those seeking employment and careers in the banking and finance space, Mahindra IDEAL Finance Limited is pleased to announce the opening of its new branch in Negombo.

Located at 293/1, Main Road, Negombo, the new Negombo Branch of Mahindra IDEAL Finance is the latest addition to the Company’s fast-growing, islandwide network of branches and touchpoints. A non-banking financial institution registered with the Central Bank of Sri Lanka, Mahindra IDEAL Finance is a lender of choice for entrepreneurs and SMEs in the rural and semi-urban areas. 

Discussing the new addition to its branch network, Mr. Duminda Weerasekara – Chief Executive Officer at Mahindra IDEAL Finance said, “Our impetus in expanding our operations to Negombo is threefold. We are looking to provide aspiring entrepreneurs in Negombo and the surrounding areas with opportunities to grow and expand their businesses. Negombo is a regional economic, social and financial centre. It is also a hub for tourism and fisheries, while the surrounding areas are hotspots for agriculture, industry and other businesses. Alongside this, we understand that Negombo is home to a significant population of affluent and wealthy individuals, thus we want to capture their attention and provide them with meaningful investment opportunities. The region is also home to exceptional talent in the form of young and aspiring people looking to build careers in finance, and we would like to extend opportunities to them as well, benefitting mutually, and growing together.”

Mahindra IDEAL Finance Limited is an employer of choice within the financial services space in Sri Lanka, having been tipped as a Great Place to Work for 3 years, consecutively. The Company is also interested in shoring up its human capital and believes that its new Negombo branch can assist in this endeavour, as it seeks to further expand its operations across Sri Lanka. 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 in 2021, subsequent to which Fitch Ratings upgraded the Company’s rating to AA – (lka) with a stable outlook, as it is now 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 the 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 Negombo branch

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