A joint venture of Sri Lanka and Bangladesh yesterday launched a new company to provide innovative financial services to corporate, retail and SME sectors in the country.

People's Leasing and Finance PLC, the market leader in the non-bank financial institution sector of Sri Lanka, is the major sponsor of the new entity Lankan Alliance Finance Ltd.

Local sponsors include representatives from companies such as Summit Group, Rangs Group, Alliance Holdings, Green Delta Insurance Company, Rabab Fashion Industry and MASCO Group.

In a statement, the new firm said it would enable expansion and business activity.

It said Lankan Alliance Finance has a unique combination of proven expertise in the financial sector coupled with unparallel knowledge of the market.

“Our aim is to be a leading partner in Bangladesh's growth story and we shall do that with our pioneering IT systems and strong customer-oriented culture adopted from Sri Lanka.”

Jowher Rizvi, chairman of Lankan Alliance Finance, and Romesh Elapata, chief executive officer, attended the launch at the Westin Dhaka.