May 18, 2015 (LBO) – Sri Lanka’s DFCC Bank and DFCC Vardhana Bank has applied to the Central Bank for provisional approval to merge, the banks said in a joint filing in the Colombo Stock Exchange.
The statement said, the decision was made by the board of directors of DFCC and DVB after due consideration that it would be in the best interest of both banks, its shareholders and other stakeholders to amalgamate DFCC and its 99.2 percent owned subsidiary, DVB, and continue their activities as a single legal entity which is a licensed commercial bank.
“Upon receiving the approval of the Central Bank in principal, the banks will embark on the steps that have to be taken to complete this amalgamation and submit the amalgamation proposal for the approval of the shareholders of the two banks as required by the Companies Act,” the statement said.
This was following the recent termination of merger process of DFCC, Vardhana and NDB.
The statement said, the decision was made by the board of directors of DFCC and DVB after due consideration that it would be in the best interest of both banks, its shareholders and other stakeholders to amalgamate DFCC and its 99.2 percent owned subsidiary, DVB, and continue their activities as a single legal entity which is a licensed commercial bank.
“Upon receiving the approval of the Central Bank in principal, the banks will embark on the steps that have to be taken to complete this amalgamation and submit the amalgamation proposal for the approval of the shareholders of the two banks as required by the Companies Act,” the statement said.
This was following the recent termination of merger process of DFCC, Vardhana and NDB.
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