Richard Pieris Group invests Rs. 1 b in Finance arm | Sunday Observer

Richard Pieris Group invests Rs. 1 b in Finance arm

8 November, 2020

Richard Pieris Finance Ltd is a member of the Richard Pieris Group. The Group has invested Rs. 650 million in Tier I and Tier II capital of Richard Pieris Finance Ltd..

A further investment of Rs. 350 million has been made in Richard Pieris Finance Limited to strengthen the capital, bringing the total Tier I and Tier II capital investment in Richard Pieris Finance Limited during the current financial year to Rs. 1 billion, and cumulative capital investment to Rs. 2.2 billion.

Due to the outbreak of Covid-19, Richard Pieris Finance Ltd granted a moratorium to a lending portfolio amounting to Rs. 10 billion to SME and individual customers at a concessionary rate as directed by the Central Bank of Sri Lanka. This moratorium marginally impacted the capital adequacy ratios of Richard Pieris Finance Limited, which has been considered in the new capital infusion by the Group.

As per published information, the parent company of the Group, Richard Pieris & Company PLC is also one of the top ten largest shareholders of NDB Bank which highlights the commitment of Richard Pieris Group to the financial services sector of the country.

The Richard Pieris Group has an asset base of Rs. 72 billion. With over 50 factories spread across the country, Richard Pieris Group is a key stakeholder in fueling the economy of the country. The Group is also one of the largest tea and rubber producers in the country.

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