People's Leasing & Finance
People's Leasing & Finance is a Sri Lankan licensed non-bank financial company providing leasing and related finance services.
Last updated August 26, 2026
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Overview
People's Leasing & Finance PLC is a Sri Lankan licensed non-bank financial company operating under the People's Leasing brand. Incorporated in 1995 as a limited liability company, it developed as a finance and leasing institution serving customers in Sri Lanka. Its business is associated primarily with leasing and finance services, while its corporate development also included expansion into adjacent financial activities through subsidiaries. The company diversified during 2008–09 by establishing two subsidiaries. People's Insurance Ltd was incorporated as a wholly owned subsidiary in 2009–10, extending the group's presence into insurance. A further structural change came in 2013–14, when People's Leasing merged with its subsidiary People's Finance PLC. This consolidation brought the subsidiary's activities into the main listed company and formed part of the group's effort to organize its finance operations under a larger platform. People's Leasing & Finance became a public company on the Colombo Stock Exchange in 2010. The company is majority-owned by People's Bank, one of Sri Lanka's government-held banks; the reference material states that People's Bank holds 75% of the company's shares. This ownership gives the brand a close relationship with a major state-linked banking institution while leaving People's Leasing & Finance as a separately listed finance company. The company is described as one of Sri Lanka's largest participants in the finance and leasing sector, with a reported 12% market share in the sector in the cited 2021 material. Its activities are domestic rather than global, and its public profile is tied to non-bank financial services, corporate reporting, credit-market access, and branch-based customer service. In September 2021, Fitch Ratings affirmed an A+ rating for the company and assessed the outlook as stable, according to the cited Wikipedia material. People's Leasing also achieved recognition in Sri Lankan corporate rankings and awards. It was placed 30th in LMD 100, ranked 27th in Business Today's Top 40 for 2020/21, and was identified by Brand Finance as the 21st most valuable Sri Lankan brand among the 100 brands covered in its ranking. For 2020/21, the company reported its highest profit in its history, although the available reference does not provide the corresponding amount or accounting details. In 2021, it issued LKR 10 billion in debentures and received applications exceeding that amount before the offer closed, indicating substantial investor demand in the cited period. Leadership changed in November 2020 when Shamindra Marcelline was appointed chief executive officer. In December 2021, the company relocated its metropolitan branch to renovated premises on Vauxhall Street in Slave Island, Colombo. The reopening was inaugurated by chairman Sujeewa Rajapakse. These developments illustrate a brand combining financial-market activity with a physical branch network and a broad domestic corporate presence. The available material does not establish a separate international operating network, a current website address, or a complete list of current executives and products beyond its leasing and finance orientation.
History
People's Leasing & Finance was incorporated in Sri Lanka in 1995 as a limited liability company. It was established as a non-bank financial institution focused on leasing and finance services and later became part of a broader People's Bank-related financial-services structure. During 2008–09, the company diversified beyond its original operating base by creating two subsidiaries. One of the subsequent developments was the incorporation of People's Insurance Ltd as a wholly owned subsidiary in 2009–10. This move extended the group into insurance and reflected a strategy of building a wider financial-services platform around the People's Leasing brand. The company was listed on the Colombo Stock Exchange in 2010. Its ownership remained closely connected to People's Bank, a government-held Sri Lankan bank, which held 75% of People's Leasing & Finance's shares according to the cited reference. The listing gave the company access to Sri Lanka's public capital market while maintaining a controlling relationship with its banking parent. In 2013–14, People's Leasing merged with its subsidiary People's Finance PLC. The transaction consolidated the subsidiary's activities within the main company and was a significant organizational milestone in the development of the group. The company subsequently continued operating as a listed finance and leasing institution serving the Sri Lankan market. The company received recognition in domestic corporate rankings. It was ranked 30th in the LMD 100 list and 27th in Business Today's Top 40 for 2020/21. Brand Finance placed it 21st among the 100 most valuable brands in Sri Lanka. The reference material also reports that the company achieved its highest historical profit in the 2020/21 financial year, without giving a profit amount in the available source. In November 2020, Shamindra Marcelline was appointed chief executive officer. In September 2021, Fitch Ratings affirmed the company at A+ with a stable outlook. During the same year, People's Leasing issued LKR 10 billion in debentures and attracted applications of more than LKR 14 billion. Its 2020/21 annual report received a silver award in the finance and leasing companies category at the 56th Chartered Accountants Awards organized by the Institute of Chartered Accountants of Sri Lanka. The brand also maintained a physical customer-service presence. In December 2021, it relocated its metropolitan branch to renovated premises on Vauxhall Street in Slave Island, Colombo. Chairman Sujeewa Rajapakse inaugurated the premises. The available reference material does not provide a complete current product catalogue, detailed branch list, current executive roster, or official website URL.
- 2021
Credit rating affirmation
[1]Fitch Ratings affirmed an A+ rating and stable outlook for the company.
- 2021
Debenture issue
[1]The company issued LKR 10 billion in debentures, with applications exceeding LKR 14 billion.
- 2021
Metropolitan branch relocation
[1]The metropolitan branch moved to renovated premises on Vauxhall Street in Slave Island, Colombo.
- 2020
New chief executive officer
[1]Shamindra Marcelline was appointed chief executive officer in November.
- 2013
Merger with People's Finance
[1]The company merged with its subsidiary People's Finance PLC during the 2013–14 financial period.
- 2010
Colombo Stock Exchange listing
[1]People's Leasing & Finance was listed on the Colombo Stock Exchange.
- 2009
Diversification through subsidiaries
[1]The company diversified into additional financial activities during 2008–09 by forming subsidiaries.
- 1995
Incorporation
[1]People's Leasing & Finance was incorporated in Sri Lanka as a limited liability company.
Products and positioning
A major Sri Lankan non-bank financial institution combining leasing and finance services with the backing of People's Bank and a listed-company profile.
Leasing
Leasing services
Leasing is the company's core publicly identified business area. People's Leasing & Finance operates as a licensed Sri Lankan non-bank financial company and is recognized as one of the country's larger participants in the finance and leasing sector.
Non-bank finance · 1995
Finance services
The People's Leasing brand covers finance activities associated with its non-bank financial-company license. The available reference does not specify the full range of lending products, customer segments, or current terms.
Insurance · 2009
Insurance through People's Insurance Ltd
People's Insurance Ltd was incorporated as a wholly owned subsidiary in 2009–10, giving the wider People's Leasing group an insurance presence. The available material does not identify individual insurance products or confirm their current distribution under the People's Leasing brand.
Capital-market instrument · 2021
Debentures
The company accesses capital markets through debenture issues. In 2021, it issued LKR 10 billion in debentures and received applications above the issue size, according to the cited reference.
Brand decisions
2021
Debenture financingOtherBackground
The company sought debt-market funding during 2021.
Action taken
It issued LKR 10 billion in debentures.
Aftermath
Applications exceeded LKR 14 billion by the close of the issue, indicating demand above the amount offered.
Debenture issue and applications. LKR 10 billion issued; applications exceeded LKR 14 billion (2021)
2021
Metropolitan branch relocationStrategyBackground
The company renovated a new location for its metropolitan branch in Colombo.
Action taken
It relocated the branch to Vauxhall Street in Slave Island in December.
Aftermath
The renovated premises were inaugurated by chairman Sujeewa Rajapakse.
2013
Merger with People's Finance PLCM&ABackground
People's Finance PLC operated as a subsidiary of People's Leasing & Finance.
Action taken
People's Leasing merged with the subsidiary during the 2013–14 financial period.
Aftermath
The transaction consolidated the subsidiary's operations within the listed parent company.
2009
Diversification into adjacent financial servicesStrategyBackground
During 2008–09, the company expanded beyond its established leasing and finance activities by forming subsidiaries.
Action taken
It created subsidiaries, including the later wholly owned People's Insurance Ltd.
Aftermath
The move broadened the group's financial-services footprint beyond leasing and finance.
Recent events
- 2021
Fitch affirms People's Leasing rating at A+ with stable outlook[1]
Other
Fitch Ratings affirmed an A+ credit rating for People's Leasing and assessed the outlook as stable in September 2021.
- 2021
People's Leasing issues LKR 10 billion in debentures[1]
Other
The company issued LKR 10 billion in debentures and received applications exceeding LKR 14 billion by the offer's closing.
- 2021
People's Leasing relocates metropolitan branch to Vauxhall Street[1]
Other
After renovation, the company's metropolitan branch moved to Vauxhall Street in Slave Island, Colombo, with the premises inaugurated in December.
- 2021
People's Leasing receives finance and leasing annual-report award[1]
Other
At the 56th Chartered Accountants Awards, the company received the silver award in the finance and leasing companies sector for its 2020/21 annual report.
- 2020
People's Leasing & Finance appoints Shamindra Marcelline as CEO[1]
Leadership change
The company appointed Shamindra Marcelline as chief executive officer in November 2020.
Sources2 sources
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