Amalgamation of DFCC Bank PLC and DFCC Vardhana Bank PLC approved by shareholders
View(s):The amalgamation of DFCC Bank PLC (DFCC) and DFCC Vardhana Bank PLC (DVB) was unanimously approved by the shareholders of the two companies, by way of special resolutions at the Extraordinary General Meetings held on 28th August in Colombo.
The banks have received the letter of provisional approval from the Central Bank to proceed with the amalgamation, but await formal approval, according to a DFCC media release. The surviving entity will be DFCC Bank PLC, and the amalgamation will take effect on 1st October or such other date as may be approved by the Registrar General of Companies.
The amalgamation of DFCC and DVB brings together two complementary businesses to create an integrated financial solutions provider offering both development banking and commercial banking facilities. The combined entity will have approximately 1,500 employees, a combined asset base of Rs 210 billion (as at March 2015), and an island-wide footprint, operating through 137 branches.
Royle Jansz, Chairman of DFCC Bank said, “This is a tremendous combination of two highly compatible companies with complementary strategic priorities and product and service offerings. It is especially noteworthy that we achieve this milestone at the same time that DFCC celebrates its Diamond Jubilee, having come into being as a legal entity on the 4th of October in 1955.
The amalgamated bank will build on 60 years of heritage with the dedicated, vastly experienced and competent team at DFCC, and the young, vibrant and enthusiastic team at DVB to deliver significant value for all stakeholders”.