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LOLC Finance Company obtained a licence from the Central Bank of Sri Lanka as a finance company in the following year. The company changed its name to Lanka Orix Finance Company Limited and commenced operations in 2003. The company launched its Shariah-compliant banking unit LOLC Al-Falaah in 2008. [3]
In January 2016, Commercial Bank of Ceylon announced that for the first time in Sri Lanka's banking history that the users of the bank's online banking facility could make instant, real-time transfers of funds from their commercial bank accounts to accounts in other banks via LankaPay-CEFTS. [10]
LOLC Holdings PLC is a Sri Lankan conglomerate listed on the Colombo Stock Exchange (CSE). Originally starting as a non-banking financial company LOLC has grown into one of the largest Sri Lankan conglomerates involved in many sectors and subsidiaries in several countries although it is still mainly involved in the financial sector.
Housing Development Finance Corporation Bank of Sri Lanka (HDFC) National Savings Bank; Regional Development Bank (Pradheshiya Sanwardhana Bank) Sanasa Development Bank; Sri Lanka Savings Bank; State Mortgage and Investment Bank; Source: Central Bank, September 2020 [2]
Under his leadership, LOLC also reached total assets amounting to 1.008 trillion as of December 2018. [7] [8] In 2019, he eventually toppled Dhammika Perera to become the richest person in Sri Lanka after a Korean bank came forward with interest and intention to buy the LOLC's subsidiary Cambodian microfinance arm for a staggering US$603.4 million.
This article lists the largest companies in Sri Lanka terms ... Banking: 3 LOLC Holdings: 337.7 21.8 1,739.7 188.9 Conglomerate 4 Hatton National Bank: 336.6 23.6 ...
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LOLC Holdings provided the corporate guarantee for the issue and National Development Bank was the manager of the issue. [8] ICRA Lanka adjudged the issue as an A Credit Enhancement rating with a stable outlook. [9] The company was awarded the silver award in the trading companies category at the 54th Annual Report Awards in 2018.