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 the 28th of August.
The Banks have received the letter of provisional approval from the Central Bank to proceed with the amalgamation, but await formal approval, the DFCC Bank said in a statement today.
Accordingly, the surviving entity will be DFCC Bank PLC, and the amalgamation will take effect on the 1st of 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 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,” the statement added.