September 23, 2021 (MLN): The Board of Directors of ORIX Leasing Pakistan Limited (OLPL) has decided to rebrand the Company in line with the vision of enhancing its corporate image as an SME-focused financial services company. The new name of the Company is OLP Financial Services Pakistan Limited.
According to the notice issued to PSX, ORIX Corporation (ORIX), OLP's largest shareholder, continues to remain committed to OLP and there will be no change in the shareholding of ORIX, which will be maintained at 49.58%. ORIX has taken a strategic decision to withdraw its name from associated companies, especially listed companies, outside Japan in which it does not have control as governance and regulatory requirements vary in different jurisdictions around the world.
OLP has traditionally focused on the leasing of productive plant and machinery and transportation assets. Over the past 35 years, OLP has played an important role in the development of the leasing industry in Pakistan and is currently the largest player in the leasing industry. OLP has upgraded its leasing license to an Investment Finance Services license which allows the Company to significantly broaden its product portfolio.
The Board is of the view that a change in the Company's name is an essential step in developing the Company's image as a multi-product innovative financial institution rather than simply a leasing company. The new name reflects the Company's focus on providing a full spectrum of financial services to its customers with particular emphasis on serving the needs of the SME sector.
This change is subject to regulatory and shareholders' approval which will be sought and communicated in due course, the notice said.
