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DFCC Group ventures overseas:
Selected as consultant to Fiji’s Home Finance Company
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The agreement being exchanged between CEO, DFCC Bank, Arjun
Fernando and CEO, HFC, Isikeli Tikoduadua. General Manager, Risk
and Governance, HFC, Raj Sharma and CEO, Synapsis Ltd, Dinesh
Fernandopulle look on.
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The DFCC Group has been selected as consultants in the transformation
of the Home Finance Company (HFC) of Fiji, a state-owned financial
institution with a limited offering of products and services.
DFCC with its subsidiaries Vardhana Bank and Synapsys has entered
into a management contract with HFC, and will provide technical and
advisory services in the areas of IT, Treasury and Trade Finance to
launch its commercial banking operation by January 2014.
“This is a historic moment for HFC and Fiji as it would be the
country’s only local bank,” an HFC spokesman said. Initially
incorporated in 1962, HFC was a licensed credit institution providing
financing for housing, machinery and vehicles.
Over the past five decades, HFC has grown into a well-established
local financier now diversifying into offering commercial and consumer
loans, asset financing and export financing.
CEO of DFCC Bank Arjun Fernando, who has also been appointed to the
Board of HFC said, “DFCC Group is honoured to guide HFC in achieving
this important milestone. Having the full range of financial services
expertise, complemented by a 100 percent owned information and
communication technology subsidiary in Synapsis, enabled DFCC Group to
win the mandate over other financial institutions in Sri Lanka and
abroad.”
“DFCC Bank is a successful development finance institution that has
transformed into a multi-product and robust financial institution, and
today together with our commercial banking subsidiary – Vardhana Bank
offers a full range of business and personal banking services,” he said.
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