As part of the ongoing process of rejenuvation by Ceylinco affiliates, Ceylinco Finance has been rebranded as Nation Lanka Finance from Wednesday (16).

The name change exercise was implemented in tandem with the appointment of a board of non executive directors consisting both young and those over sixty which the Chairman of the new entity, N.B.S.B. Balalle introduced as a blend of both maturity and dynamism.

He said that the core business will be both leasing and financing.

Some of the non executive directors are Chandra Sahabandu, Sentivel and Neville Piyadigama.

The rebranding exercise is an important step to reflect both our new corporate direction and vision. The name change has been given the green light by public business peers and stake holders, he explained.

For the past six months the entity under its former business registration incurred losses. To come out of this, cost pruning steps are to be implemented.

Unlike spreading to several corporate lines, the core business will remain both leasing and finance he added.

He said that under the new flagship the entity is focusing on long term stability, sustainability and also focus on improving the bottom line. The tasks at hand include facing economic challenges and competition in a turbulent era.

"We have a very good board of directors" which act as a catalyst towards good governance. Transparency, sound management techniques and high ethical standards are the corner stones of success.

He said that capital adequacy requirement is satisfactory and emphasized the necessity to improve service quality.

He thanked the Regulator for guidance.