DFCC Bank becomes public limited company, ushers in a new era in banking
Thursday, 8 January 2015 00:54
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Pursuant to the enactment of the DFCC Bank (Repeal and Consequential Provisions) Act No. 39 of 2014, DFCC Bank has been incorporated under the Companies Act as a public limited company listed on the Colombo Stock Exchange with the name ‘DFCC Bank Plc’ (Company Registration No: PQ 233).
While this came into effect on 6 January 2015, the bank continues its operations as a licensed specialised bank without any interruption. Accordingly, with effect from that date, any reference to ‘DFCC Bank’ is deemed to be a reference to ‘DFCC Bank Plc’. At the same time, the incorporation of DFCC Bank Plc under the Companies Act would facilitate any prospective consolidation.
DFCC was incorporated by an Act of Parliament in 1955 and for nearly 60 years has been at the forefront of development banking in Sri Lanka. The bank’s mandate was to “assist the promotion, establishment, expansion and modernisation of industrial, agricultural and commercial ventures and to encourage and promote participation of private capital, both domestic and foreign in such enterprises.
Today DFCC is involved in virtually every sector as a result of the role the bank played in partnering and supporting pioneering ventures or new industries. This will continue to be the focus of the business of DFCC Bank Plc.
