- The new identity aims to capitalize on Mahindra Finance’s wide range of expertise
- The rebranding exercise is an important step on the journey to make Mahindra Ideal Finance a leading provider of financial services in Sri Lanka
Ideal Finance Limited, a subsidiary of Mahindra & Mahindra Financial Services Limited (Mahindra Finance/ MMFSL), has changed its name to Mahindra Ideal Finance Limited today (MIFL). The two joint venture partners (Mahindra Finance and Ideal Group) will construct their ambition of becoming Mahindra Ideal Finance one of Sri Lanka’s premier licensed finance companies (LFC) on the foundation of this rebranding. With a re-rating from Fitch ratings to AA – the firm has already reaped the benefits of Mahindra Finance’s investment (Outlook Stable).
Ideal Finance already provides a wide range of financial services products to Sri Lankan customers. The rebranded entity – Mahindra Ideal Finance – will further look at enhancing its customer value proposition by offering an even wider suite of products. These would include Gold Loans, leases for personal vehicles, commercial trucks, two & three-wheelers, consumer finance loans and personal loans. The company is also aiming at rapidly increasing its branch network across the island to ensure it is able to service its customers as close to their doorstep as possible.
Nalin Welgama, Chairman, Ideal Group mentioned, “Our association with the Mahindra Group has been a long-standing one and the Mahindra Group lending its name to the erstwhile Ideal Finance is a testimony to the confidence that the Mahindra Group has in this partnership. We are confident that MIFL will facilitate exponential growth opportunities in Sri Lanka’s financial services market and help achieve our goal to become one of the leading financial institutions in the country. We strongly believe that the new brand – Mahindra Ideal Finance will have a positive influence on the business and will propel the company to greater heights in Sri Lanka”.
Mahindra Ideal Finance intends to capitalize on Mahindra Finance’s over 25-years of expertise in the financial services domain, and Ideal Finance’s market knowledge – to build a robust financial services business in Sri Lanka. Mahindra Finance aims to replicate its successful and socially inclusive business
model in Sri Lanka by expanding the scope of business. Sri Lanka, with its cultural and geographical similarity to India, and its vibrant financial services market has emerged as a promising opportunity for Mahindra Finance. Sri Lanka as an automotive market holds strategic importance for the Mahindra Group, where it has also set up an assembly line operation.
About Mahindra & Mahindra Financial Services Limited
Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 7.3 million customers and has an AUM of over USD 11 Billion. The Company is a leading vehicle and tractor financier that provides loans to SMEs and also offers fixed deposits. The Company has 1,388 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.
Mahindra Manulife Investment Management Private Limited (formerly known as Mahindra Asset Management Company Private Limited) acts as the Investment Manager of Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020, Mahindra Finance divested a 49% stake in its wholly-owned subsidiary, Mahindra Manulife Investment Management Private Limited to Manulife Investment Management (Singapore) Pte. Ltd., to form a 51:49 joint venture.
Mahindra Manulife Trustee Private Limited (MMTPL), (formerly known as Mahindra Trustee Company Private Limited) acts as a Trustee to Mahindra Manulife Mutual Fund (formerly known as Mahindra Mutual Fund). On 29th April 2020, Mahindra Finance divested a 49% stake in its wholly-owned subsidiary, Mahindra Manulife Trustee Private Limited to Manulife Investment Management (Singapore) Pte. Ltd. to form a 51:49 joint venture.