LOLC group to merge LOFC and CLC

LOLC Holdings yesterday said the two group finance companies, LOLC Finance PLC and Commercial Leasing & Finance PLC, would be merged under the Central Bank’s master plan of non-bank financial institution consolidation.

A stock market filing said the Central Bank had directed the LOLC group to amalgamate the two licensed finance companies.

“In response to this direction, the group will take measures to consolidate LOLC Finance PLC (LOFC) and Commercial Leasing & Finance PLC (CLC), subject to receiving the applicable approval and in compliance with the relevant laws and regulations,” the filing said.
The surviving entity post-amalgamation will be LOFC.