Two of Sri Lanka’s oldest and most respected financial companies, Associated Motor Finance Company PLC (AMF) and Arpico Finance Company PLC (AFC) joined strengths officially at the Colombo Stock Exchange (CSE) on 1st April, 2021. Months-long process for this landmark merger was officially completed in full compliance with the protocols. The merged entity will forge ahead as AMF, with the combined strengths of the two companies and a clear vision to rise high in Sri Lanka’s financial services industry.
Speaking of this groundbreaking merger TMA Sallay, Director/CEO, AMF had this to say. “We mark this historic occasion with great pride. The merger of capabilities, strengths and expertise of two esteemed finance institutes into one as AMF, gives us tremendous potential for the future. This also marks the opening of a new grand chapter for the valued stakeholders of both organizations whose best interest is always at our heart. Together, working as one passionate and dedicated team, we intend to revolutionize the finance industry through a progressive mix of products and services that always puts the interest of the customer first.”
Both AMF and Arpico Finance being amongst the few oldest financial institutions in the country, each organization brings a unique portfolio of strengths, expertise and professionals to the table, allowing the new entity to shape a truly diverse organization. ”This gives AMF an edge over the competition and places the company in an advantageous position with a wider product portfolio, serving to a wider clientele” TMA Sallay, Director/CEO, AMF further stated.
Established in 1951, Arpico Finance Company PLC boasts of a long and impressive track record, operating ten branches and offering a wide range of finance solutions including finance leasing, mortgage loans, personal loans, and acceptance of time and savings deposits. Associated Motor Finance Company PLC (AMF) was established in 1962 and operated through a branchless model, primarily catering to the two-wheeler leasing market. The new AMF plans to diversify into three and four-wheel leasing categories by leveraging on Arpico Finance’s expertise and geographic spread with 12 strategically located branches. This will enhance value through consolidating and administrating the operational infrastructures more efficiently while adding more value to all stakeholders.
With a clear vision and definite plans, AMF has also invested in advanced IT systems amongst other things to empower the field force and to infuse greater efficiency. The company has made a concerted effort to partner fin-tech companies and technologies that design disruptive and path-breaking technologies that truly enhance convenience of customers. With everything in place, AMF is now ready to emerge as the new force in the finance sector of Sri Lanka.
On another note, the importance of this merger cannot be overstated as it will greatly strengthen the local financial sector, especially in a time of global crisis. It will also usher in a new standard of transparency and accountability, thereby bringing stability to the market and giving investors better prospects for the future.