DFCC, Vardhana combine as 'DFCC Bank'

The DFCC BANK and DFCC Vardhana Bank will amalgamate to form DFCC Bank Plc., a bank media release stated. The combined entity will have approximately 1,500 employees with expertise in various disciplines, a combined asset base of Rs 210 billion (as at March 2015), and an island wide footprint, operating through 137 branches.

The newly formed entity will offer a broad range of products and services including development banking, commercial banking and personal financial service facilities, a DFCC media release said. Since the announcement of the amalgamation earlier this year, both banks have been going through a rapid integration process.

The new, amalgamated bank will continue to serve a variety of clients ranging from individuals, professionals and entrepreneurs to SMEs and corporates, with the same level of service, DFCC said. The two Banks will draw synergies from the DFCC Group's complementary areas of business through its subsidiaries, associate company and joint venture.

Founded in 1955, DFCC is one of the oldest development banks in Asia.