arpico

SLT ZERO ONE AWARDS – 2020

SLT ZERO ONE AWARDS – 2020

Arpico Finance Company PLC (AFC),emerged as second runner-up for the award ‘Best Use of Mobile’ under the financial sector at the recent SLT Zero One Awards for Digital Excellence.

“Diri Ithurum” Minor Savings by Arpico Finance Company PLC

“Diri Ithurum” Minor Savings by Arpico Finance Company PLC

Arpico Finance Company PLC (AFC), the second oldest Registered Finance Company in Sri Lanka introduced their Minor Savings product “Diri Ithurum” on 01st January 2020. The new product was successfully launched at their head office at no 146, Havelock Road, Thimbirigaysaya, Colombo 05.

AFC realized the need to be innovative and relevant to improve the quality of lives of the internal & external customer. Having identified the importance of inculcating the saving habit in children from a very young age, AFC has come up with “Diri Ithurum” minor savings accounts aiming at securing a strong and sustainable low-cost fund base gradually in the years ahead. The company has a well-trained well experienced and customer friendly marketing force geared for this purpose.

Parents or guardians may open “Diri Ithurum” savings accounts for children below the 18 years of age which pays an attractive rate of interest to secure your child’s future.

Being in the industry for nearly Seven decades, AFC has the distinction of being one of the initially listed companies in the Colombo Stock Exchange as a quoted company since 1955. The Company has always been atop delivering extra ordinary customer service through flexibility and service efficiencies over other leading competitors in the industry leading towards market differentiation.

AFC recognizes with gratitude the long-standing customer base coming down through the generations for placing their trust and confidence in the Company thus creating a mutually beneficial relationship

The company is in the process of strategizing its market offerings in relation to the competition through digital transformation to gain top of the mind recall in relevant target markets and achieve a higher Return on Assets, Return on Equity and optimizing Operational Efficiency levels above industry norms.

AFC caters to customers through 10 branches located island wide. The two branches in Colombo are in Thimbirigasyaya and Kottawa and others in Kandy, Badulla, Matara, Anuradhapura, Matugama, Minuwangoda, Narammala and Mullaitivu.

The Board and the top management of the company are planning on introducing other innovative new products to cater to the everchanging customer requirements in the near future.

Arpico Finance receives ISO 27001:2013 certification

Arpico Finance receives ISO 27001:2013 certification

With a growing customer base and ambitious plans to reach greater heights, Arpico Finance Company PLC (AFCP), the second oldest financial institution in the country with a presence of over six decades, owned by Associate Motor Finance Company PLC (AMF), was recently awarded the ISO 27001:2013 certification for its continuous efforts to improve its digital infrastructure.

The company with a driven passion and vision from its leadership is embarking on a digital transformation drive to deliver better customer experiences, process optimization and product digitization. This certification is yet another achievement of AFCP’s commitment to strengthen its information security management systems and ensuring data security, especially in an era of connected devices and big data.

In today’s hyper-connected, technologically driven world, data breaches and cyber-attacks continue to remain and grow as a significant threat to organizations especially in the banking and financial industry. The certification to the IT function of AFCP complies and assures its customers and all stakeholders in ensuring strengthened information security, cyber-security and privacy protection.

‘We are delighted to have been bestowed and recognized with this standard certification. Serving a large portfolio of customers which also includes many small and medium enterprises as well as retail businesses, we place high importance towards safety and security in all aspects of our operations’, said Shanil Dayawansa, Managing Director of Arpico Finance Company PLC.

AFCP shares its joy of being awarded the ISO 27001:2013 certification by Bureau Veritas, a leading global certification body, with its partnership with ES2 Solutions. Their professional guidance, expertise and pragmatic approach were instrumental from inception through to the point of achieving the certification.

AMF Acquires 93% Stake Of Arpico Finance

AMF Acquires 93% Stake Of Arpico Finance

Associate Motor Finance Company PLC (AMF) has acquired 93.809 percent of Arpico Finance Company PLC shares, following the expiration of the mandatory offer on November 19.a

AMF acquired  40.59 percent stake in Arpico Finance  on October 1 from the largest shareholder Alfinco Insurance Brokers (Pvt) Ltd at Rs. 166 per share in a Rs. 501 million deal, which increased its ownership to 41.33 percent.On October 2, the remaining two major shareholders Alliance Finance Co. PLC and Dawi Investment Trust (Pvt) Ltd sold their 19.53 percent and 10.10 percent stakes respectively to AMF.

The offer document was circulated to the shareholders on October 24, at which point AMF held approximately 71.16 percent of Arpico Finance.

22.58 percent of the shares were acquired by AMF during the offer period through both complete and yet to be completed transactions while another 0.069 percent of shares were acquired on Colombo Stock Exchange trading floor.The acquisition is to better accommodate the Central Bank’s Financial Sector Consolidation Plan, according to which non-banking financial institutions are required to have a minimum of Rs. 8 billion in assets and Rs. 1 billion in core capital by January 1, 2016 which is to be increased to Rs. 1.5 billion by January 1, 2018.

According to the financial statements of the companies for the quarter that ended this September, AMF held assets worth Rs. 3.38 billion, and Arpico Finance had assets worth Rs. 5.18 billion while net assets per share were Rs. 150 and Rs. 99.53 respectively.AMF had Rs. 840.47 million in core capital while Arpico Finance’s was Rs. 740.28 million, thereby the merged company will adhere to the guidelines stipulated by the consolidation plan.

Arpico Finance for the quarter posted Rs. 127.12 million in net interest income, a 22 percent increase year-on-year(yoy) while the net profit was Rs. 28.49 million, just a 3 percent increase yoy. AMF meanwhile recorded a net interest income of Rs. 100.31 which was a 3 percent increase yoy and a net profit of Rs. 23.61, a decline of 37 percent. Arpico Finance, the 2nd oldest finance company in the country was established in 1951 by Richard Pieris. It is the 5th oldest finance company in Sri Lanka.