Seven-year transformational journey of PMF Finance for greater impact for future

In this comprehensive interview, PMF Finance PLC Chairman Chandula Abeywickrema reflects on the remarkable transformation of the company under his leadership—from a defunct finance institution to a steadily growing, professionally managed, and compliant entity.

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With PMF now poised for sustainable long-term growth, he shares how strategic leadership, governance, reform and an empowered team rebuilt confidence, performance, and stakeholder trust.

Q: You took over PMF during a difficult chapter in its history. What was the situation like in 2019 when you were appointed Chairman?

A: It was grim. The company had suffered due to years of mismanagement and political interference. When I took over as the Chairman of the Board, PMF was running at a loss of Rs. 93 million, the total asset base was just Rs. 2.8 billion, and deposits were drying up. The company had lost credibility in the market, and even the Central Bank had flagged several noncompliance issues. The culture was broken, and the systems were collapsing. Honestly, it was barely functioning.

Q: What were the first steps you took to stabilise and then restructure the company?

A: The first step was to reconstitute the Board and bring in people with the required expertise and acumen to formulate policy and give direction. Once the Board was reconstituted with the likes of Channa Manoharan, late Duleep Daluwatte, Rasika Gunawardena and Rangana Koralage (nominee representing Sterling, the main shareholder), we had to embark on restructuring the entity which led to replacing nearly 90% of the staff over a period of time. At this stage, we were fortunate to secure the services of seasoned professionals like Nalin Wijekoon as the CEO and Travis Waas as a consultant (who subsequently joined the Board) with significant expertise on operations to join the PMF team.