Group Lease strengthens ties with Sri Lankan financial group
SET-listed microfinance company Group Lease plans to collaborate further with Commercial Credit & Finance, a Sri Lankan financial group, to strengthen its microfinance businesses in Indonesia and Cambodia after GL acquired a microfinance company in Myanmar from a Commercial Credit shareholder. GL on September 7 signed a memorandum of understanding on the transaction with Commercial Credit to buy a 71.9-per-cent stake in BG Microfinance Myanmar, a subsidiary of Commercial Credit & Finance, from BG International Private, a holding company based in Sri Lanka owned by Roshan S Egodage, who is also chief executive officer of Commercial Credit.
GL chairman and CEO Mitsuji Konoshita said the transaction would be made via GL Holdings, its holding company in Singapore.
