DFCC Vardhana Bank offers enhanced life investments

by L. S. A. Wedaarachchi

Customer habits have changed during the past few years. Today's customers prefer to obtain items and services from a one stop shop rather than various places.

Managing Director, CEO of DFCC Vardhana Bank L. G. Perera said that the Vardhana Bank provides exceptional commercial banking services to its customers.

"Our mission is to meet the expectations as well as the general and selective needs of our customers by offering a range of innovative banking and financial products and services, finely tuned to the achievement of speed and efficiency by using the most modern technology," he said.

The DFCC Vardhana Bank launched its "Bancassurance partnership - Vardhana Assurance" with Sri Lanka Insurance, the only insurer in the country with AA (lka) Fitch Ratings for financial strength and stability in keeping with present day customer requirements.

The DFCC Vardhana Bank MD said that the Vardhana Bank backed by DFCC Bank which has provided Sri Lankan entrepreneurs with financial assistance for over 50 years will enhance its value proposition to its customers by providing attractive life investment and general assurance plans under one roof.

The Vardhana Bank in partnership with Sri Lanka Insurance provides the flexibility and convenience of banking and insurance.

Insurance is a vital need in today's society, yet Sri Lanka has very low penetration due to low awareness levels.

"We hope that through this partnership we will empower more Sri Lankans with the freedom and convenience of being insured", he said.

The DFCC Vardhana Bank with the AA (lka) Fitch Rating denoting the strong capability of timely payment of financial commitments will provide customers with unmatched valued with the launch of "Vardhana Assurance".

"Vardhana Assurance" includes a retirement plan that enables customers to earn a guaranteed income from the age of 45 with the monthly retirement income increasing by 5 per cent annually on a compound interest basis. The plan also offers special health care benefits.

The children's plan helps parents prepare their children for higher education providing a guaranteed 140 per cent of the sum assured in four equal instalments.

Last year the DFCC Vardhana Bank recorded high growth, well in excess in the banking industry average despite the adverse conditions in the domestic economic environment.

A hallmark of our operations in the past two years has been the exceptional growth of the Bank on all vital performance indicators. The Bank increased the loans and advances by Rs. 3.0 billion which represents an increase of 60 per cent.

This was financed mainly by non-inflationary customer deposits while a reasonably large proportion of lending was for ventures to add productive capacity. The bank also raised a further Rs. 300 million by way of a rights issue to the shareholders, he said.

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