Commercial Credit Archives

November 23, 2023

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Colombo. Thursday 23 November 2023. Heralding its entry into the digital payment space, Commercial Credit and Finance PLC (CCF) recently announced its acquisition of a 19.99% stake in Mega Pay (Pvt.) Ltd., which provides payment services under the Pay&Go brand.

Pay&Go is the first step in Commercial Credit and Finance entering the digital payment space. The partnership with Mega Pay is also expected to encourage other players in the market to use the platform, helping clients adopt a cashless culture and giving them access to financial opportunities that will support their ambitions for investment and growth.

Commenting on the partnership, MegaPay Director Vardan Aslibekyan said: “We are privileged to partner with CCF, which is a leading financial institution. Our combined experience, market wisdom, and technological advances will revolutionise convenience, security, and innovation. Together, we aim to deliver customer-centric, secure, and innovative products, shaping the future of financial services.”

Given the unprecedented challenges posed by the ongoing economic crisis, CCF, as a company, is committed to guiding their clients during these testing times. The journey into the digital space is more than a strategic move; it is an example of our dedication to ensuring not only client convenience but also uplifting their aspirations.

“We want to grow our consumer base, satisfy changing expectations, and offer cutting-edge services by leveraging digital platforms. By utilizing data analytics and artificial intelligence, we will be able to tailor our services and forge closer bonds with our clients. Working together with our fintech partners, such as Megapay, we will gain access to specialized knowledge and cutting-edge technologies, which will give us a strong position in the digital sphere,” COO of Commercial Credit and Finance PLC, Mr. Rajiv Chitty added.

February 17, 2022

Commercial Credit and Finance PLC, one of Sri Lanka’s premier non-bank financial institutions, recently joined hands with MMBL Money Master (brand name of MMBL Money Transfer (Pvt) Ltd), a joint venture between Mercantile Merchant Bank and Aitken Spence PLC, the largest representative in Sri Lanka for Western Union money transfers.

This timely partnership will enable the public to collect remittances sent through Western Union at any Commercial Credit branch across its expansive network in 129 locations islandwide. The newly forged partnership brings Commercial Credit customers a leap closer to their loved ones residing overseas. The operations are set to officially commence on 17 February 2022.

Speaking on the partnership with the global leader in cross-border and cross-currency money movement and payments, Commercial Credit’s Director/COO Rajiv Cassie Chitty said, “Our main focus has always been to empower our customers. We have striven to meet this goal over the years, and by joining hands with MMBL Money Master, we hope they are better able to access and carry out transactions with ease. Given the current situation around the globe, we know that distance between loved ones here and those overseas has remained a weighted burden on families. We do what we can to ensure that our customer’s burdens are lessened in this aspect at least.”

Director, Aitken Spence Group Ltd and Managing Director of MMBL Money Transfer (Pvt) Ltd Dinesh Mendis said: “We are pleased to add Commercial Credit Finance PLC to our portfolio of partners which will no doubt be of immense benefit to beneficiaries of remittances received via Western Union across the Country. We see this as yet another milestone in our two and a half decade plus journey in facilitating our mission of improving access to receive remittances and giving the consumer the widest choice of easily accessible “right next door” locations’’.

Commercial Credit and Finance PLC was established in 1982, and offers a wide range of services, including loans, leasing and hire purchases, fixed deposits, micro-financing, and revolving business loans. The Company merged with Trade Finance and Investments PLC, in line with the financial sector consolidation program initiated by the Central Bank of Sri Lanka, boosting its network in the country.

Focused on enabling growth, Commercial Credit has supported countless entrepreneurial ventures and has helped uplift marginalised individuals and communities across Sri Lanka while providing innovative and groundbreaking solutions catered to the unique requirements of its customers.

Today, Commercial Credit and Finance is one of the leading non-bank financial institutions in Sri Lanka, having won numerous awards, including ‘People’s Advertisement of the Year’ four times at the SLIM-Neilson Peoples Awards, the Global Award for Brand Excellence in BFSI (Banking and Finance Services Industry), and the Gold Award for ‘Service Brand of the Year’ and Bronze Award for ‘Local Brand of the Year’ at the SLIM Brand Excellence Awards. The Company was also included in the Business Today’s Top 30 Awards for 2019/20. It was also awarded the Brand of the Year at the SLIM Brand Excellence 2015.

May 27, 2020

D Soosaipillai, a pioneer in the leasing and financial services industry both in Sri Lanka and overseas was recently appointed as the new Chairman of Commercial Credit. He succeeds Mr. Cecil Perera, a finance industry veteran and senior attorney-at-law who chaired the Board before him and retired after the regulatory 9 years on the Board.

A fellow of both the Institute of Chartered Accountants of Sri Lanka and the Institute of Certified Management Accountants of Sri Lanka, he has served on the boards of several leading specialised leasing companies in the capacity of Finance Director, Chief Executive Officer and Managing Director.

He was appointed a Director of Commercial Credit and Finance PLC in January 2014 and chairs the Board Audit Committee while being a member of the Board Integrated Risk Management Committee. He chaired the Board Audit Committee of Trade Finance and Investments PLC, the subsidiary of Commercial Credit and Finance PLC a few years ago.

Mr. Soosaipillai is an Independent Non-Executive Director on the Board of Hatton National Bank PLC and chairs the Board Integrated Risk Management Committee of the Bank and is an active member in other board subcommittees of the Bank.

He is additionally an Independent Non-Executive Director on the Boards of Udapussellawa Plantations PLC and Hapugastenne Plantations PLC – companies in the Finlays Ltd, UK group of companies and chairs the Board Audit Committees of both these Companies and is an active member in other board sub-committees of both Companies.

A member of the Sri Lanka Institute of Directors, he is an active member of the Audit Committee Forum and the INED Forum of SLID and the Corporate Governance Committee of CA Sri Lanka.

Mr. Soosaipillai has over 30 years of experience in Risk Management and Compliance in Financial Services, both at operational and strategic levels. He was engaged by the World Bank as a Short Term Consultant on a Payables Assessment assignment in the Maldives as part of a wider Public Finance Management project in 2012.

Mr. Soosaipillai has served as the Managing Director of the Maldives Finance Leasing Company (Private) Limited for more than seven years and was the Chief Executive Officer of Ceylease Financial Services Limited, a subsidiary of the Bank of Ceylon prior to that.

March 20, 2019

Commercial Credit Peoples Award

PHOTO CAPTION : L to R are Piyal Salwathura, Shahana Kamaldeen, Shafraaz Jainudeen, Roshan Fernando (Vice President – SLIM), Akalanka Balapola Arachchige, Chamani Udagamage and Neel Suwadaratne.

Colombo. Tuesday 19 March 2019. Commercial Credit and Finance PLC, accredited internationally as one of Sri Lanka’s premier financial services organisations, is widely recognised for benchmarking the highest standards in services and performance. Also identified as one of the fastest growing finance companies in the country, Commercial Credit and Finance PLC has been successful in inculcating a strong value-based culture that enables it to stay ahead and achieve consistent growth in a highly competitive environment.

The Company gained recognition once again recently at the ‘SLIM-Neilson Peoples Awards’ by winning the award for the ‘People’s Advertisement of the Year for the Year 2019. This is the fourth year that Commercial Credit and Finance PLC has won this prestigious award, having previously won the same in 2015, 2016, and 2018. The “Loved Ones” commercial that has received this critical acclaim and won the hearts of many has also previously collected this award three times.

Chief Operating Officer of Commercial Credit and Finance PLC, Rajiv Casie Chitty said, “We are truly humbled and delighted to have won the Peoples Advertisement of the Year Award yet again this year for the fourth time. We are most definitely committed to ensuring that our success reflects across all levels in the services we provide to all our stakeholders.”

The ‘SLIM-Nielsen Peoples Awards’, is an official entity that recognises brands and personalities that have made a profound and lasting impression in the minds of the people of Sri Lanka. Held for the 13th consecutive year, it is one of the most awaited marketing events in the corporate calendar. The nominees and awardees are selected from across a wide pool of candidates through a comprehensive nationwide research conducted by Nielsen Sri Lanka reflecting the voice of the people. The general public acts as the panel of judges and rate their favourite brands, personalities, advertisements, films, tele-dramas etc.

Commercial Credit and Finance PLC offers a wide range of products and services including Leasing, Deposits, Loans, Financial Advice, Real Estate and Land Sales, Micro Finance and Hire Purchase. The Company has long since financed many small and medium-sized business over the years and aims to empower and financially uplift vulnerable sections of the population through self-employment opportunities and entrepreneurial guidance.

November 29, 2017

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Colombo. Tuesday 28 November 2017. Commercial Credit & Finance PLC, one of Sri Lanka’s premier financial services organisations was presented the prestigious Business Today Top 30 award for the year 2016/2017. The Business Today TOP 30 Awards recognise the contribution made by Sri Lanka’s corporates to the economy of the country.

This year, the Business Today Awards commemorated its 20^th year at a gala function held recently at the Shangri-La Hotel under the patronage of Chief Guest Prime Minister Ranil Wickremesinghe and Prof. Maithree Wickremesinghe. Awards were conferred on listed companies within diverse fields in the private sector.

“We are honoured to be selected for this coveted award for the first time. To be chosen among the best has proved that our efforts have been recognised and appreciated by the business community and our country. Our dreams of reaching the zenith of the corporate sphere are gradually becoming a reality,” said the Chairman of Commercial Credit Mr. Cecil Perera.

A trailblazer in the corporate sector, Commercial Credit has set the benchmark for the highest standards of service and performance. Having established itself in 1982 as a finance company in Kandy solely focused in the agriculture sector, the company has, since its strategic change in management in 2010, been on an upward trend emerging as a strong member in the corporate sector of Sri Lanka.

Perera said that this award is a gigantic achievement in the revolutionary journey which began six years ago consequent to a change in management. “At that time, the company had 100 employees spread over 12 geographic locations. Through a gradual process of making dreams a reality, staff strength has grown to over 3500 members operating within 118 locations”.

Backed by an expert and experienced team of professionals, Commercial Credit is dedicated to offering pioneering and innovative solutions designed to enhance the requirements of its ever-growing clientele.

Commercial Credit strongly believes in its purpose of “building leaders to uplift the lives of people through simple acts of love” and made innovative changes to the organization and culture. Among the most inspirational changes made within the company structure has been the reduction of the levels in the organisation. Irrespective of their levels, all employees in a particular department have the same designation and workstations without cubicles. Commercial Credit also places immense value on all employees who are treated with respect. In order to develop them on a regular basis, Commercial Credit invests heavily” in trainings and also plans to invest in building a state-of-the-art residential training centre in the near future.

During the 2016/2017 financial year Commercial Credit received national and international awards in recognition of the brand and the ability to live according to the principles set forth. Noteworthy awards include Best Advertisement of the Year at the SLIM Neilson Peoples Awards 2016, Most Effective Brand of the Year at the Effie Awards 2016, Marketing Campaign of the Year at 6^th CMO Asia Awards, National Winner – Marketing Company of the Year at Asia Marketing Excellence Awards 2016. The Company also figured in one of the biggest transactions on the Colombo Stock Exchange when Group Lease PLC of Thailand acquired a 29.99% stake for Rs. 10.5b.

“Our dreams began as small steps and are now becoming reality through sheer determination and team work along with the ability to satisfy the multi-faceted needs of each of our valuable customers whose confidence and patronage we value greatly”, Perera concluded.

November 8, 2017

Commercial Credit recently triumphed at the LankaPay Six-A-Side Cricket Tournament 2017 by emerging champions for the second consecutive year

The Commercial Credit team faced a total of 04 teams in this tournament to win the Trophy as Captain of the team Anura Prasad Dias also emerged Best Batsman with as top score of 185 runs.

In the photograph are (L to R) Manager Kusla Chamin Jayasundara, Suranga Salinda (Vice Captain), Dewni Himansani, Anura Prasad Dias (Captain), Thariq Faiz, Buddika Thennakon and Umesh Silva

Commercial Credit enters digital Payment space with Pay&Go

Commercial Credit joins hands with Western Union

Commercial Credit appoints D. Soosaipillai as new Chairman

Commercial Credit wins SLIM award for ‘People’s Advertisement of the Year’ for fourth time

Commercial Credit among Business Today’s Top 30

Commercial Credit triumphs at LankaPay Six-A-Side Cricket Tournament