In alignment with the financial sector consolidation plan of the Central Bank of Sri Lanka (CBSL), Commercial Leasing & Finance PLC (CLC) was merged with LOLC Finance PLC (LOFC), with effect from March 31, 2022. 

The merger will structure LOLC Finance PLC to be the largest non-bank financial institute (NBFI) to operate in Sri Lanka.

Following the merger, Conrad Dias, previous Chief Executive Officer of LOLC Finance PLC, was promoted to his new role as Non-Executive Chairman of LOLC Finance PLC. During the past couple of years, he managed to raise the bar for LOLC Finance continuously. Dias was appointed to the board of LOLC Finance PLC on March 1, 2020. His experience spans over three decades as an idealistic leader in business technology. 

He holds a Master’s in Business Administration (MBA) from University of Leicester UK, Fellow Member of Chartered Management Accountants UK (FCMA), Chartered Global Management Accountant (CGMA -USA) and he is also a Fellow of Certified Management Accountant of Sri Lanka (FCMA) and British Computer Society (FBCS).

Over the years, he has innovated many fintech solutions such as iPay and OYES. His leadership and contribution to the industry has been recognised both locally and internationally. He has been awarded as the CIO of the year 2016 by the Prestige’s Computer Society of Sri Lanka and Professional Excellence Award 2017 by Chartered Management Institute of Sri Lanka. He also made it to the Global CIO Hall of Fame in 2020 (IDG CIO100), becoming the one and only Sri Lankan to be bestowed with this accolade. 

LOLC appointed Krishan Thilakaratne as the new Executive Director/Chief Executive Officer for LOLC Finance PLC, with effect from March 31, 2022. He was in the role of Director/Chief Executive Officer for CLC for the last 10 years. Thilakaratne brings with him over three decades of practise in banking and financing. He is an authentic, promising leader and a veteran both locally and internationally. 

Thilakaratne is also a board member of Seylan Bank PLC and Commercial Insurance Brokers. He further serves as a Director of LOLC Myanmar Microfinance Company Ltd and LOLC Central Asia, covering the markets and investments in Tajikistan, Kyrgyzstan, Kazakstan and Uzbekistan. 

He was also a board member of the Credit Information Bureau of Sri Lanka (CRIB), PRASAC Microfinance Institution Ltd Cambodia and was a past Chairman of the Finance Houses Association of Sri Lanka (FHASL), the apex body for NBFIs in Sri Lanka.

He conceptualised and introduced the Alternative Financing Model (Islamic financing) for LOLC Group in 2007. He is also a prominent public speaker at International Islamic Finance Forums.

He is a member of the Chartered institute of Management Accountants (CIMA) UK and a Member of the Associateship of Institute of Bankers of Sri Lanka (AIB). He has followed Strategic Leadership training in Microfinance at Harvard Business school USA.