The DFCC Bank hopes to entrench its footprint firmly in the country and also focus on financing international projects with its amalgamation with the DFCC Vardhana Bank (DVB) last Friday.
DFCC Bank Chief Executive Officer Arjun Fernando said the bank will also be focusing on international markets as well.
“DFCC was chosen by two financial institutions overseas to provide consultancy and management services and this has already established the banks’ credentials overseas, so we will definitely be looking at pursuing assignments aggressively. Another component of this is that we aim to partner our customers in venturing overseas and this will be another initiative that I believe will set the stage for bigger things in the future,”Fernando said.
Excerpts of the interview the Daily News Business had with DFCC Bank Chief Executive Officer Arjun Fernando yesterday.
Q: What made DFCC and DVB tie up ?
A:The intention has always been to amalgamate the banks, but there were legal constraints. In January this year, these constraints were removed and since then, DFCC and DVB have been working to formalise the operational merger through a legal merger, where the amalgamated entity transforms into a full-service bank, however, not losing sight of DFCC’s development mandate founded 60 years ago.
The combined size and reach of the amalgamated entity and the synergies it will provide positions DFCC to be able to deliver sustainable solutions for all stakeholders by creating a powerful platform for growth.
It is also noteworthy that we achieve this milestone at the same time DFCC celebrates its diamond Jubilee. We turned 60 on October 4, and as we look back, we are very proud of what we have accomplished over the years. As you know, we were the first to finance new economic sectors in the country, and today these sectors have become mainstream businesses that support the national economy in many ways.
Over the years we have evolved, diversified and grown to meet changing needs and aspirations, and even today we continue to evolve while holding firm to our development banking roots. We have found a worthy partner in DFCC Vardhana Bank, well known for being the fastest growing commercial bank in the country. We will continue to grow and evolve, focusing on sustainable value creation for all stakeholders.
Q: How does the tie up help customers of both banks?
A: Our customers will definitely benefit, as we will be able to provide them with a wider range of products and services and enhance our island wide footprint. Both banks have an extremely customer focused mentality, and provide solutions and services which consistently exceed expectations. Clients of both banks can now look forward to receiving this service from one, integrated bank, all over the island.
We plan to introduce innovative solutions, delivering significant value, in the future.
Q: How does this help the SME sector?
A: SME’s are the backbone of a diverse and sustainable economy and we have always placed a lot of emphasis on SME development.
We have the distinction of being the first bank in Sri Lanka to set up a separate department for financing the small and medium business sector as early as 1978. When this department was set up the goal was to jumpstart and develop the country’s small and medium industrial base as well as the agricultural base but since then we’ve come a long way.
Our experience in this sector has taught us that mere financing isn’t the way to creating long term development so we adopt a more holistic approach. This means that apart from financing we also go the distance to provide the necessary knowledge for entrepreneurs to take their business to the next level, we conduct skills development programmes and we have dedicated officers and managers that provide continuous monitoring and guidance to ensure stable and continuous growth.
Our formula of providing comprehensive services for SME development has been proven to be a winner. We have provided capital growth to a number of clients especially during their early and risky start up stages and as a result they have been able to successfully grow their businesses within Sri Lankan borders and also expand business overseas.
We will continue to support SMEs, and they will have access to a wider range of products and services as well as customer service points. As in the past, we will continue to work with multilateral agencies and provide training and knowledge sharing sessions for this sector.
Q: Is there any retrenchment of employees with the tie up?
A: There will be no reduction of staff. We value all our people, and with the growth opportunities that will come from becoming a bigger bank, the opportunities for advancement are open to all enterprising and dynamic individuals.
We have teams of experts at both DFCC and DVB who have pioneered innovative products and services, which are at the forefront of the banking industry. We will foster and encourage these people to continue these initiatives for the benefit of our customers and other stakeholders.
Q: What is the total asset base with this tie up?
A: The combined entity will have an asset base of Rs 210 billion (as at March 2015). Further we will have approximately 1,500 employees with expertise in various disciplines and an islandwide footprint, operating through 137 branches.
Q: Future expansion plan after the amalgamation?
A: Well, our customers can look forward to enhanced service standards, and we hope to introduce new and innovative products in the not too distant future. We will continue to support individuals, businesses and the community, as we have done for 60 years, and now as a commercial bank, we will expand the services in order to cater to our customers’ needs.
We will also be focusing on international markets. DFCC was chosen by two financial institutions overseas to provide consultancy and management services and this has already established the banks credentials overseas, so we will definitely be looking at pursuing assignments aggressively. Another component of this is that we aim to partner our customers in venturing overseas and this will be another initiative that I believe will set the stage for bigger things in the future.
Finally, we will continue to draw synergies from our complementary areas of business through our subsidiaries, associate company and joint venture.
These services include investment banking, unit trusts, stockbroking, venture capital, industrial estate management, consulting and IT services.
- Pravin Mendis
www.dailynews.lk
DFCC Bank Chief Executive Officer Arjun Fernando said the bank will also be focusing on international markets as well.
“DFCC was chosen by two financial institutions overseas to provide consultancy and management services and this has already established the banks’ credentials overseas, so we will definitely be looking at pursuing assignments aggressively. Another component of this is that we aim to partner our customers in venturing overseas and this will be another initiative that I believe will set the stage for bigger things in the future,”Fernando said.
Excerpts of the interview the Daily News Business had with DFCC Bank Chief Executive Officer Arjun Fernando yesterday.
Q: What made DFCC and DVB tie up ?
A:The intention has always been to amalgamate the banks, but there were legal constraints. In January this year, these constraints were removed and since then, DFCC and DVB have been working to formalise the operational merger through a legal merger, where the amalgamated entity transforms into a full-service bank, however, not losing sight of DFCC’s development mandate founded 60 years ago.
The combined size and reach of the amalgamated entity and the synergies it will provide positions DFCC to be able to deliver sustainable solutions for all stakeholders by creating a powerful platform for growth.
It is also noteworthy that we achieve this milestone at the same time DFCC celebrates its diamond Jubilee. We turned 60 on October 4, and as we look back, we are very proud of what we have accomplished over the years. As you know, we were the first to finance new economic sectors in the country, and today these sectors have become mainstream businesses that support the national economy in many ways.
Over the years we have evolved, diversified and grown to meet changing needs and aspirations, and even today we continue to evolve while holding firm to our development banking roots. We have found a worthy partner in DFCC Vardhana Bank, well known for being the fastest growing commercial bank in the country. We will continue to grow and evolve, focusing on sustainable value creation for all stakeholders.
Q: How does the tie up help customers of both banks?
A: Our customers will definitely benefit, as we will be able to provide them with a wider range of products and services and enhance our island wide footprint. Both banks have an extremely customer focused mentality, and provide solutions and services which consistently exceed expectations. Clients of both banks can now look forward to receiving this service from one, integrated bank, all over the island.
We plan to introduce innovative solutions, delivering significant value, in the future.
Q: How does this help the SME sector?
A: SME’s are the backbone of a diverse and sustainable economy and we have always placed a lot of emphasis on SME development.
We have the distinction of being the first bank in Sri Lanka to set up a separate department for financing the small and medium business sector as early as 1978. When this department was set up the goal was to jumpstart and develop the country’s small and medium industrial base as well as the agricultural base but since then we’ve come a long way.
Our experience in this sector has taught us that mere financing isn’t the way to creating long term development so we adopt a more holistic approach. This means that apart from financing we also go the distance to provide the necessary knowledge for entrepreneurs to take their business to the next level, we conduct skills development programmes and we have dedicated officers and managers that provide continuous monitoring and guidance to ensure stable and continuous growth.
Our formula of providing comprehensive services for SME development has been proven to be a winner. We have provided capital growth to a number of clients especially during their early and risky start up stages and as a result they have been able to successfully grow their businesses within Sri Lankan borders and also expand business overseas.
We will continue to support SMEs, and they will have access to a wider range of products and services as well as customer service points. As in the past, we will continue to work with multilateral agencies and provide training and knowledge sharing sessions for this sector.
Q: Is there any retrenchment of employees with the tie up?
A: There will be no reduction of staff. We value all our people, and with the growth opportunities that will come from becoming a bigger bank, the opportunities for advancement are open to all enterprising and dynamic individuals.
We have teams of experts at both DFCC and DVB who have pioneered innovative products and services, which are at the forefront of the banking industry. We will foster and encourage these people to continue these initiatives for the benefit of our customers and other stakeholders.
Q: What is the total asset base with this tie up?
A: The combined entity will have an asset base of Rs 210 billion (as at March 2015). Further we will have approximately 1,500 employees with expertise in various disciplines and an islandwide footprint, operating through 137 branches.
Q: Future expansion plan after the amalgamation?
A: Well, our customers can look forward to enhanced service standards, and we hope to introduce new and innovative products in the not too distant future. We will continue to support individuals, businesses and the community, as we have done for 60 years, and now as a commercial bank, we will expand the services in order to cater to our customers’ needs.
We will also be focusing on international markets. DFCC was chosen by two financial institutions overseas to provide consultancy and management services and this has already established the banks credentials overseas, so we will definitely be looking at pursuing assignments aggressively. Another component of this is that we aim to partner our customers in venturing overseas and this will be another initiative that I believe will set the stage for bigger things in the future.
Finally, we will continue to draw synergies from our complementary areas of business through our subsidiaries, associate company and joint venture.
These services include investment banking, unit trusts, stockbroking, venture capital, industrial estate management, consulting and IT services.
- Pravin Mendis
www.dailynews.lk
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