HNB FINANCE PLC acquires Prime Finance PLC

Further extending its dominant position in the financial industry, leading
integrated financial services institution HNB FINANCE PLC entered into a contractual agreement with
Prime Lands and Prime Finance on 20 th December, 2021, acquiring a controlling stake of 87.27% from
Prime Lands (Pvt) Ltd, a pioneering force in Sri Lanka’s real estate landscape. This marks a first under
CBSL’s recent consolidation plan for the sector, where two key players in the country’s financial
industry partner to give rise to a powerful synergy providing impetus to a diverse product and service

“This merger brings together an exciting combination that will create value for our stakeholders, our
employees, our customers and communities. This partnership will strengthen HNB FINANCE’s
relationship with Prime Group and expedite its foray into real estate financing. We are enthused by the
prospects for synergies not only in terms of product and reach but also the opportunity to bring a
talented and dynamic team into our fold which will no doubt accelerate our plans for national
expansion” commented HNB FINANCE PLC Chairman Dilshan Rodrigo.

HNB FINANCE’s existing and future customers can expect to benefit from an enhanced portfolio,
efficient and easily accessible services through a combined branch network, a strengthened balance sheet
and better distribution of risk with the addition of Prime Finance’s 93% asset-backed loan portfolio.

“We are pleased to invite the experienced and passionate Prime Finance team into our midst and are
excited by the enhanced potential to create value for customers in new ways, by leveraging the synergy
arising from this union. Building on our significant market share, momentum, and the business strength
of our powerful parent company HNB PLC, this new found partnership with Prime Finance reinforces
our position as an industry leader and creates a robust foundation for efficiency, growth and improved
financial performance. Prime Finance’s expertise and indelible reputation within the sector combined
with our strengths, positions us well to further our vision of adding value to the lives of all Sri Lankans,”
HNB FINANCE PLC Managing Director and Chief Executive Officer Chaminda Prabhath said.

Proving its mettle as a player to be reckoned with, the company has won many local and international
accolades. HNB FINANCE was twice ranked among Asia’s Best Workplaces, and clinched numerous
awards owing to its superlative marketing approach. The company was also recognised for the many
CSR initiatives implemented to support the nation. 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 PLC at an advantageous position to
pursue greater heights.

Established in 2000, HNB FINANCE PLC is licensed as a registered Finance Company by the Monetary
Board of the Central Bank of Sri Lanka.  The company holds a National Long-term Rating at ‘A(lka)’; as
affirmed by Fitch Ratings. Maintaining an extensive island-wide presence across 60 branches and 10
service centres, HNB FINANCE offers a range of exceptional financial services which include Small and
Medium Enterprise (SME) Loans, as well as leasing, gold loans, housing loans, personal loans, savings and
fixed deposits facilities.

Share sale and purchase agreement between HNB FINANCE and Prime Lands for the
purchase of Prime Finance’s shares.

Anura Pathirage, Non-Independent Non-Executive Director – Prime Finance, W. S. P. Arangala, COO – HNB FINANCE, Mangala Goonatilleke, Chairman/Independent Non-Executive Director – Prime Finance, Chaminda Prabhath, MD/CEO – HNB FINANCE, Brahmanage Premalal, Group Chairman/Non- Independent Non-Executive Director – Prime Finance, Dilshan Rodrigo Chairman  – HNB FINANCE, Rajive Dissanayake Non-Independent Non-Executive Director – HNB
FINANCE, Crysanthi Thambiah – Independent Non-Executive Director – Prime Finance, SandaminiPerera Executive Director – Prime Finance.
HNB FINANCE Chairman Dilshan Rodrigo and HNB FINANCE Managing Director and
Chief Executive Officer Chaminda Prabhath

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