Since our inception, we have established long-term, interdependent relationships with multilateral and bilateral institutions that share similar goals and values.
Our primarily role in these partnerships includes serving as an effective credit institution for on-lending funds to end users, acting as the project manager in implementing credit programmes, administering grant funds, and paving the path for market development and capacity building.
In 2019, we negotiated a medium-term loan of USD 75 Mn through Commerzbank Dubai. This facility was for General banking business purposes in order to support balance sheet growth.
The Bank continued to be among the 10 Participating Financial Institutions (PFI) selected by the Government of Sri Lanka (GoSL) and the Asia Development Bank (ADB) to on-lend ADB’s funds to the Small and Medium Enterprise (SME) sector and for Rooftop Solar Power Generation projects.
With the Small and Medium Enterprises (SME) sector being a vital part of the Sri Lankan economy, being a PFI of this credit line has helped the Bank continue its on-going mission to nurture small and medium businesses to scale up at a crucial time in the country’s economic growth. Further, being a PFI of the Rooftop Solar Power Generation loan scheme also helped DFCC to continue its contribution to the renewable energy generation efforts in Sri Lanka.
The Resource Mobilisation Unit continues to build upon the relationships the Bank has established over time by actively engaging with partner institutions to secure potential funding lines to support the Bank’s rapid growth.
The Bank maintains relations with over 250 global correspondent banks which also comprise some of the world’s largest financial institutions. The Bank entered into new relationships with the following banks in 2019 to facilitate customer transactions:
DFCC Bank was honoured internationally by HSBC USA on recognition of “US Dollar Straight Through Processing Excellence Award” 2018 for Bank’s contribution based on strict selection criteria, evaluating many of their correspondent banks. This award signifies to its customers and correspondent banks that DFCC Bank’s payment processing capabilities are on par with international standards.
The entities listed below act as the Bank’s nostro agents in the respective countries:
|Bank of Ceylon (UK) Limited||GBP||UK|
|Bank of Ceylon||ACU $||India|
|Bank of Ceylon||ACU $||Maldives|
|Bank of China||CNY||China|
|Bank of New Zealand||NZD||New Zealand|
|Deutsche Bank Trust Company Americas||USD||USA|
|HDFC Bank||ACU $||India|
|HSBC Bank USA N.A.||USD||USA|
|Kookmin Bank||USD||South Korea|
|Mashreq bank PSC||ACU $||India|
|Mashreq bank PSC||AED||UAE|
|Mashreq bank PSC||USD||USA|
|Standard Chartered Bank (Pakistan) Limited||ACU $||Pakistan|
|Standard Chartered Bank||ACU $||Bangladesh|
|Standard Chartered Bank||ACU $||India|
|Standard Chartered Bank||AUD||Singapore|
|Standard Chartered Bank||EUR||Germany|
|Standard Chartered Bank||GBP||UK|
|Standard Chartered Bank||SGD||Singapore|
|Standard Chartered Bank||USD||USA|
|Sumitomo Mitsui Banking Corporation||JPY||Japan|
|Uni Credit Bank AG||EUR||Germany|
We have a fair, transparent, and stringent procurement policy in place which clearly defines how goods and services are procured by authorised employees, whilst ensuring that the selection of suppliers and the acquisition of goods and services are done in a non-discriminatory and economically sound manner.
A Procurement Committee (PC) led by an Executive Vice-President acts as a control measure for the procurement function of the Bank. Major IT-related procurements are submitted to an IT Steering Committee (ITSC) and referred for PC approval upon the recommendation of the ITSC. Other general procurements are either submitted to the PC for approval or to higher approving authorities upon the recommendation of the PC. Independent parties may review large value and/or specialised procurements, if required.
Suppliers of goods and services are required to register themselves with the approval of the PC, and registered suppliers are subject to review once in every two years. Suppliers undergo a rigorous evaluation process to determine quality, delivery time, pricing, after sales support, technical proficiency, and references. The Bank prefers to source its requirements from local suppliers as part of its commitment to helping local communities and businesses flourish. Suppliers may also opt to receive financial advice and assistance from the Bank.
DFCC Bank partners with a variety of reputable vendors for various services such as:
The Bank also partners with over 1,500 merchants who are a part of the DFCC Virtual Wallet network.
DFCC Bank is diversified into several entities; the DFCC Group provides a range of services to the financial sector through the following subsidiaries:
DFCC Consulting (Pvt) Limited was established in 2004 and is a fully-owned subsidiary that engages in project consultancy and related fields. Through a shared resources model, DFCC Consulting draws upon a resource pool of nearly 600 executive staff from DFCC Bank and a pool of reputed external experts from various fields.
The Company supports DFCC Bank through its expertise in the fields of environment, engineering, and renewable energy and carries out international consultancy assignments, sometimes in partnership with overseas consulting firms.
Currently, the Company has set up and is engaged in administering the Project Implementation Unit designated to support an ADB funded rooftop solar line of credit.
Lanka Industrial Estates Limited (LINDEL) occupies a strategic location in Sapugaskanda on 125 acres of land, near the Colombo Harbour and Bandaranaike International Airport. The industrial estate offers land and buildings for lease, and the infrastructure for setting up industries. 95% of the leasable land has been let to industries, with 20 production facilities currently operating at the premises, six of which are owned by Fortune 500 Companies.
Synapsys Limited was established in 2006 and is a fully-owned subsidiary of DFCC Bank that provides software development, MIS solutions, and IT support to DFCC Bank and other customers. With an array of innovative products and services that include two flagship and NBQSA award-winning platforms, the Company supports banks, capital markets, insurance, and retail payments across Asia and the Pacific region.
We have developed a number of interdependent business relationships with partners who share our values. We deliver sustainable value to our partners through trust, transparency, and responsible behaviour.
DFCC Bank has acquired membership and established alliances with various industry associations and organisations that enable networking opportunities and contribution to industry standards. Associations include: