June 18, 2020: Leading Sri Lankan Financial Services provider HNB FINANCE, recently had its National Long-term rating upgraded to ‘AA-(lka)’ with a negative outlook – following the recalibration of Fitch’s rating scale for Sri Lanka.
The recalibration was conducted to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of the sovereign rating after comprehensive industry analysis. HNB Finance’s revised rating reflect the outlook on the ratings of its parent company HNB PLC – Sri Lanka’s largest private sector bank.
“The upward revision of HNB Finance’s National Long Term Rating is a reflection of our strength in delivering exceptional financial services. As the disruptions caused by COVID-19 reverberate through every segment of the Sri Lankan economy, we will remain committed to fostering continuous growth and uplifting communities across the island,” HNB Finance Managing Director, Chaminda Prabath said.
The revision of HNB Finance’s rating follow the company’s shares being listed on the Colombo Stock Exchange under the Diri-Savi Board. The first to be listed in over two years, HNB FINANCE’s Initial Public Offering (IPO) via an Offer for Sale on the Colombo Stock Exchange, was oversubscribed by a significant 32% on its opening day in February, a figure which indicates a high level of investor confidence.
HNB FINANCE has been on a continuous trajectory to reinvigorate business operations by streamlining workflow and optimizing efficiency of its team. The company has also successfully introduced an array of new financial products to a highly-researched target market and made a significant impact through rebranding and strategic investments in technology and innovation.
This includes the company’s recent partnership with Moneyworkz.lk, a leading digital financial platform; and eZ Cash, which allows secure and convenient loan repayment facilities.
Today, HNB FINANCE has gained significant market share and has established itself as a trusted and respected finance company. Hatton National Bank Plc’s financial and business strength and stability places HNB Finance Ltd. at an advantageous position to pursue greater heights.
About HNB FINANCE
HNB FINANCE Limited was established in the year 2000 and is licensed as a registered Finance Company by the Monetary Board of the Central Bank of Sri Lanka. Maintaining an extensive island-wide presence across 48 branches and 21 service Centers with the power of Hatton National Bank’s 715 ATMs, HNB FINANCE has over the recent past expanded into new fields of business and now offers Small and Medium Enterprise (SME) Loans in addition to savings, gold loans, housing loans, personal loans, fixed deposits facilities and leasing products.