Business News from Sri Lanka:
Discounts of up to Rs 50,000, lower installments and reduced interest rates for the purchase of tractors and Agri machinery till March 2020
The Commercial Bank of Ceylon and Hayleys Agriculture Holdings Ltd., two leaders in their respective fields, have come together once again to offer entrepreneurs in the agriculture sector an opportunity to purchase new equipment or upgrade existing machinery.
A joint promotion by the two companies offers discounts of up to Rs 50,000, lower installment payments and special interest rates for purchases of tractors and agricultural machinery from Hayleys on leases from Commercial Bank.
This promotion will be in effect till end March 2020 and will apply to purchases of Kubota 4×4 tractors (L4508 & L3408), Farmtrac tractors (FT6050 Heritage series), Kubota Combine Harvesters (DC-70G), Agrotech Harvesters (Agrotech Eco, Agrotech KOOL & Agrotech Bro), and Kubota Transplanters, the Bank said.
Commercial Bank will reduce the down-payments necessary for these purchases during the promotion period, and offer special lease rentals in addition to the noteworthy discounts provided by Hayleys Agriculture.
Hayleys Agriculture will not only make these products widely accessible in the market, but also deploy a technical team of professionals for after-sales service, around the clock. Additionally, the company will ensure its dealer network keeps stock of genuine spare parts for the machinery island-wide. For ease of access, the agricultural machinery covered by the promotion will be displayed at selected Commercial Bank branches, making the process of decision making that much easier for customers seeking to benefit from the promotion.The Bank’s 16 Agriculture and Micro Finance units will play a key role to promote this product,the Bank said.
Commenting on the joint promotion, Commercial Bank’s Deputy General Manager Marketing Mr Hasrath Munasinghe said:“The Commercial Bank is already one of the highest lenders to the SME sector in Sri Lanka. With promotions such as these, the Bank ventures to further uplift this sector by offering opportunities that enable interested parties to embark on farming enterprises, expand existing operations or upgrade their equipment without feeling the pinch too much. Support to this sector also means support to the national economy.”
Hayleys Agriculture has been spearheading the Agricultural sector of Sri Lanka since the 1950s. One of the top-ranked firms in this sphere in the region, it is renowned for a wide array of innovative and sustainable agricultural solutions that cater to the entire agri value chain and support aquaculture, high-tech horticulture and bio technology applications. The company’s value-added agricultural exports to leading multinationals contribute substantially to the processed fruits and vegetable exports of the country. Hayleys Agriculture has established successful overseas operations in Bangladesh, Maldives and Myanmar, and intends to extend its network across the Asian and African regions.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 267 branches and 854 ATMs in Sri Lanka. The Bank won over 40 international and local awards in 2018, has received more than 25 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.