Lanka ORIX Leasing Company PLC (LOLC), a leading financial solutions provider in Sri Lanka entered into an agreement with LIOC whereby LOLC will be allowed to set up Service Centres in all LIOC filling stations around the country. This is the first time a financial services organization and an oil company have entered into an agreement of this nature LIOC commenced their operations in Sri Lanka in February 2003 bringing a new experience to the Sri Lankan consumers, which was more convenient and efficient, through their modernized fuel outlets made to international standards. Lanka IOC PLC is a subsidiary of IOC, a Fortune 500 company and the largest commercial enterprise in India and is one of the leading multinational organizations operating in Sri Lanka at present. Lanka IOC is the only private oil company, other than the state-owned Ceylon Petroleum Corporation (CPC), to operate retail fuel stations in Sri Lanka. LIOC is making phased investments to provide world-class quality petroleum products and services at competitive prices to the Sri Lankan customers.
LOLC, a premier Total Financial Solutions Provider in Sri Lanka is well known for its innovative spirit and dynamism. They pioneered the concept of Leasing and Factoring in the country. Similarly, they have now joined hands with LIOC to provide customers access to financial solutions at fuel stations. The new business strategy of LOLC requires it to increase its geographic reach significantly through cost-efficient distribution channels and make its product-offering comprising of Savings and Fixed Deposits, Insurance, Stock Brokering, Factoring, Auto Finance, Agriculture and Micro Finance, Pawning and Fleet Management more accessible to customers. This arrangement will create the opportunity for LOLC to address the financial needs of customers in the regions and play a more active role in rural development.
Furthermore, Agriculture and Micro Finance being the main areas of focus will greatly benefit from this arrangement with LIOC, as LIOC’s 153 fuel outlets are dispersed around the country covering all regions and will enable LOLC to reach the grass-root-level customers more effectively.
“We are extremely proud to be a part of this momentous event which will undoubtedly be of mutual benefit to both our organizations. We look forward to working more closely with LIOC and providing more value added services to our customers. We hope this will metamorphose the financial services sector of Sri Lanka” said the Group Managing Director and Chief Executive Officer of LOLC Mr. Kapila Jayawardane.