Group Lease Public Company Limited, which is listed on the Thailand Stock Exchange, recently acquired a 29.99-percent stake in Commercial Credit and Finance (CCF), which is traded on Sri Lanka’s Colombo Stock Exchange, for LKR 10.6 billion (USD 70 million).
Group Lease CEO Mitsuji Konoshita said, “We are looking to combine our efficient digital finance platform with CCF’s very successful track record in the field of finance to grow our businesses in all markets where we are and will be present, while CCF’s need to [gain] access to capital can easily be met by our capability to raise funds internationally.”
Incorporated in 1982, CCF provides services such as microloans, microsavings, auto leasing, education loans and Islamic banking to 930,000 customers via 118 branches in Sri Lanka. As of 2015, it reported total assets of LKR 58 billion (USD 380 million) and outstanding loans, leases, hire purchases and advances of LKR 47 billion (USD 311 million).
Group Lease specializes in rent-to-own services for motorcycles, but it recently began offering financing for products such as trucks and machinery as well as other services including factoring contracts and personal loans. Group Lease expanded into Cambodia in 2012, and since 2015 it has entered Laos, Singapore, Indonesia, Myanmar and Sri Lanka. As of 2015, the firm reported total assets of THB 11 billion (USD 307 million) and total revenue of THB 2.5 billion (USD 71 million).
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Sri Lanka’s Sunday Observer:
Thai Finance Company Acquires 29.99% of Commercial Credit
Group Lease Public Company Limited (GLPCL)
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