Banking and Finance

Overseas expansion: LB Finance to enter Philippines market through subsidiary

LB Finance PLC, a Sri Lankan Non-Bank Financial Institution (NBFI), has received regulatory approval from the Central Bank of Sri Lanka to establish a wholly owned subsidiary in the Philippines.

In a corporate disclosure to the Colombo Stock Exchange, the company said the Director of the Department of Supervision of Non-Bank Financial Institutions granted approval on 11 December to set up the subsidiary under the name LB Finance Philippines Inc.

The new entity will be established with an initial investment of $ 650,000 and will engage in providing financial services in the Philippines.

LB Finance added that a further announcement will be made once the incorporation process is completed and the required licences are obtained for the commencement of operations.

Source: The morning