The Central Bank of Sri Lanka (CBSL) says it has issued the necessary directions for the future conduct of The Finance Company (TFC) under a new restructuring plan in order to stabilize the company further and move it to a profitable level.

Accordingly the CBSL has reconstituted the Board of Directors of The Finance Company by appointing several new Directors and also decided to provide a long term facility from the Sri Lanka Deposit Insurance and Liquidity Support Scheme with immediate effect to support the liquidity requirements of the Company in keeping with the envisaged business model.

The CBSL is of the view that with the further strengthening of TFC it would now be in a position to attract a suitable strategic investor in accordance with the consolidation programme announced for the financial sector.

Meanwhile, the CBSL has appointed Dr. S.H.A.M. Abeyratne as Chairman TFC and Mr. S. Rajapaksha as it Deputy Chairman.

The newly constituted Board of Directors of the TFC is Mr. A.P. Lekamge (Managing Director), Dr. T. Senthilverl, (Non-Executive Director), Mr. R. Ahukorala (Non-Executive Director), Mr. T.B. Ekanayake, Attorney at Law & Notary Public (Executive Director) and Mr. R.D. Abeywickrama (Executive Director).