HNB Finance acquires 87.27% stake of Prime Lands

* HNB Finance acquires 87.27% stake of Prime Lands

Tue, Dec 21, 2021, 10:23 am SL Time, ColomboPage News Desk, Sri Lanka.

Dec 21, Colombo: Further extending its dominant position in the financial industry, leading integrated financial services institution HNB FINANCE PLC entered into a contractual agreement with Prime Lands and Prime Finance yesterday, acquiring a controlling stake of 87.27% from Prime Lands (Pvt) Ltd, a pioneering force in Sri Lanka’s real estate landscape.

This marks a first under CBSL’s recent consolidation plan for the sector, where two key players in the country’s financial industry partner to give rise to a powerful synergy providing impetus to a diverse product and service offering.

“This merger brings together an exciting combination that will create value for our stakeholders, our employees, our customers and communities. This partnership will strengthen HNB FINANCE’s relationship with Prime Group and expedite its foray into real estate financing. We are enthused by the prospects for synergies not only in terms of product and reach but also the opportunity to bring a talented and dynamic team into our fold which will no doubt accelerate our plans for national expansion” commented HNB FINANCE PLC Chairman Dilshan Rodrigo.

HNB FINANCE’s existing and future customers can expect to benefit from an enhanced portfolio, efficient and easily accessible services through a combined branch network, a strengthened balance sheet and better distribution of risk with the addition of Prime Finance’s 93% asset-backed loan portfolio.

“We are pleased to invite the experienced and passionate Prime Finance team into our midst and are excited by the enhanced potential to create value for customers in new ways, by leveraging the synergy arising from this union. Building on our significant market share, momentum, and the business strength of our powerful parent company HNB PLC, this new found partnership with Prime Finance reinforces our position as an industry leader and creates a robust foundation for efficiency, growth and improved financial performance.

Prime Finance’s expertise and indelible reputation within the sector combined with our strengths, positions us well to further our vision of adding value to the lives of all Sri Lankans,” HNB FINANCE PLC Managing Director and Chief Executive Officer Chaminda Prabhath said.

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