HNB inks Distributor Finance Agreement with CBL Group to foster economic growth
HNB PLC, has inked a Distributor Finance Agreement with Ceylon Biscuits Limited (CBL) Group, reinforcing its commitment to fostering economic growth and providing tailored financial solutions to businesses in Sri Lanka.
Under this strategic partnership, HNB PLC has extended its Distributor Financing Scheme to encompass Ceylon Biscuits Limited CBL Foods International (Pvt.) Limited and CBL Exports (Pvt.) Limited. These entities, operating within the confectionery cluster of CBL Group, are internationally renowned for manufacturing and distributing a diverse array of products, including biscuits, wafers, cakes, and chocolates.
HNB Deputy General Manager, SME & Micro Finance, Rajive Dissanayake said: “Strengthening our financial partnership with CBL Group through the Distributor Finance Agreement is a testament to our commitment to supporting and empowering businesses in Sri Lanka. This strategic partnership reflects our dedication to providing tailored financial solutions, fostering economic growth and contributing to the overall prosperity of the communities we serve.”
“As we strive to continue to play a pivotal role in the economic development of Sri Lanka, this collaboration underscores the Bank’s dedication to facilitating growth and sustainability within the business community. By tailoring financial solutions to meet the unique needs of its partners, we hope to remain at the forefront of driving economic progress in the region,” Dissanayake continued.
HNB’s Distributor Finance initiative, launched in 2015, has become a cornerstone of the Bank’s commitment to supporting businesses. The Bank boasts successful collaborations with 36 corporates and nearly 200 distributors and suppliers, managing a diverse portfolio valued at almost 6 billion Sri Lankan rupees.
The Distributor Finance Agreement with CBL Group signifies a crucial milestone in HNB’s efforts to empower businesses, providing distributors associated with the conglomerate access to working capital at attractive interest rates. Significantly, this financial support will be extended without the need for additional securities, leveraging existing Bank Guarantees based on the distributors’ credit rating.
CBL Group’s expansive distributor network covers the entirety of Sri Lanka, with renowned confectionary brands including Munchee, Ritzbury and Tiara, with products reaching over 60 countries worldwide. Ceylon Biscuits Ltd. has also won the Presidential Award for the ‘Best Exporter of the Year 2022/23’.
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