DFCC Vardhana Bank promotes financial inclusion
Looking back at 2011, DFCC Vardhana Bank (DVB), the everyday banking
unit of DFCC Bank had a productive year in terms of profitability, asset
growth, with a number of milestones being achieved, awards won and
expansion in the bank's products and services.
The entirety of the bank's activities focused on one goal: financial
inclusion, which is evident from the wide reach of its branch network,
the add-on products and services as well as CSR activities. 2011 saw DVB
go into a Rs.1 b subordinated debenture which was rated at 'A+(lka)' by
The rating agency also simultaneously affirmed DVB's National
Long-term rating at 'AA-(lka)' with a "Stable Outlook".
The five-year debt issue will have both fixed and floating coupon
rates and the Capital will be re-paid on maturity.
The bank will utilise the debenture to finance the loan growth and
also help to strengthen the bank's tier 2 capital.
In May 2011, DFCC Bank upped its stake in DVB to 99.07 percent from
the previous level of 95.6 percent after receiving the green light from
the Central Bank to fully acquire the unlisted subsidiary.
Subsequently, the Bank became a Public Limited Company (PLC) from
November 28 2011, with the Listing of its Debentures on the Colombo