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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 28August.
The banks have received the letter of provisional approval from the Central Bank to proceed with the amalgamation, but await formal approval.
The surviving entity will be DFCC Bank PLC, and the amalgamation will take effect on 1October 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 bank will also offer other services such as consultancy, IT and investment banking through its subsidiaries and joint venture company respectively.
It will serve a variety of clients ranging from individuals, professionals and entrepreneurs to SMEs and corporates. 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.
DFCC Bank Chairman RoyleJanszsaid: “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 4October 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. A well-defined integration roadmap has been put in place to capitalise on these strengths, ensuring the best combination of talent and practices to provide tailor made solutions for our customers.I am grateful to the shareholders of both banks for their confidence in us, by unanimously approving the amalgamation.”
Speaking on the merger, DFCC Bank CEO Arjun Fernando said: “We are confident that through this merger, the combined size and reach will position the new entity to deliver sustainable solutions for all stakeholders by creating a powerful platform for profitable growth, a strong financial profile and achieving cost synergies. Both DFCC and DVB have built strong positions in the market, and we are brought together with a unified mission to deliver value and enrich the lives of our customers. I would like to thank all our loyal patrons, and assure them of our commitment to always strive to deliver superior value. I would also like to extend a special thank you to the Central Bank for their cooperation during this vital process.”
He added: “With the revised vision, mission and values, the bank will be well positioned to face any challenges or opportunities alike. We have a lot in store for our valued customers, including new product offerings and service enhancements.”
DFCC Vardhana Bank CEO Lakshman Silva stated: “These are two well-known brands with shared values, and the motivation for the merger is simple; the combination enhances growth prospects for the two Banks and offers a compelling value proposition to clients. Together we will help our clients achieve their aspirations by providing innovative financial solutions. Thank you to all our shareholders, customers and other stakeholders who have been with us on our journey, we can assure you that you can expect greater value from the combined entity in the future.”
DFCC Bank remains Sri Lanka’s pre-eminent development finance institution, renowned for its expertise in almost all fields. It has led the development of many fledgling industries, seeing them through to maturity, and has been transformed from a narrowly focused specialised bank to one of the largest financial services groups in the country.
DFCC Vardhana Bank is the fastest growing commercial bank renowned for its speedy and efficient services. It was also the fastest bank to grow its assets to over 100 billion within 11 years. As the two converge, customers can look forward to enhanced service standards and new and innovative products, including new digital features.
Courtesy: Daily Financial Times 2 September 2015
