Central Bank of Sri Lanka (CBSL) didn’t have to infuse treasury funds to put the affected The Finance Company PLC (TFC) back on its feet by coming up with a successful restructuring strategy that has already shown remarkable progress.
This was revealed at the recent Evening Presentation conducted by CBSL’s Centre for Banking Studies (CBS) themed “Taming the Beast in the Forest: Experiences from the Finance Companies” referring to the state of affairs of affected institutions that existed then.
It was also mentioned that TFC was the first to “Come out of the Woods.” Earlier this year TFC successfully concluded a public share issue which was mostly subscribed by the largest banks in Sri Lanka.
The most noteworthy achievement of TFC is the resilience it showed due to prudent policies adopted by CBSL during the crisis the financial sector experienced within the last two years and also at a time some international financing giants fell as a result of the global recession.
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