Annual Report 2020

A Pioneer’s Journey

1955 DFCC is incorporated under an Act of Parliament and is one of the first development banks to be instituted in Asia. 1956 DFCC becomes the first bank to be listed on the Colombo Brokers’ Association, the precursor to the Colombo Stock Exchange. 1977 Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is formed with DFCC as a founder member. 1984 Finance Leasing is officially introduced. 1985 An Insurance Agency business is commenced. Medium-term Working Capital Financing is officially introduced. 1986 The Head Office is inaugurated. 1988 The first branch in Kandy is opened. 1989 Short-term Working Capital Financing is officially introduced. 1991 NAMAL is officially founded. 1993 Reached No. 1 position in Market Capitalisation. 1995 Asia Money ranks DFCC as the Best Managed Company in Sri Lanka. 1996 Fixed Deposit Mobilisation is introduced. Sri Lanka’s first BOO Power Project is commissioned, financed by DFCC 1997 Appointed as the Administrative Unit of the Energy Services Delivery Project funded by the World Bank. 1999 Asia Money ranks DFCC as the Best Managed Company of the Decade. 2000 Structured and managed Sri Lanka’s first Rated Debenture Issue for Sri Lanka Telecom. 2001 DFCC acquired ABN AMRO Securities (Pvt) Limited and renamed the company to DFCC Stock Brokers (Pvt) Limited. 2002 Fitch Ratings Lanka Limited assigned the SLAA National Rating for Implied Long-Term Unsecured Senior Debt of DFCC Bank. Managed the IPO of Sri Lanka Telecom – the largest offering on the Colombo Stock Exchange. Appointed as the Administrative Unit of the Renewable Energy for Rural Economic Development project funded by the World Bank. 2003 DFCC acquires 94.16% of MERC Bank and renames it as DFCC Vardhana Bank. 2004 DFCC Consulting is founded. 1999 Acuity Partners (Pvt) Limited commences commercial operations. 2011 Shareholding in DFCC Vardhana Bank increased to 99.1%. 2014 Appointed by GOSL to administer the EUR 90 Mn Credit Line from the European Investment Bank. 2015 DFCC Bank and DFCC Vardhana Bank are amalgamated in October to form DFCC Bank PLC. 2016 DFCC Virtual Wallet launches as yet another financial inclusion enabler by DFCC Bank, a first in Sri Lanka’s banking industry. 2017 DFCC Bank launches DFCC Premier Go app to empower Premier customers. 2018 DFCC Bank launches DFCC iConnect, a cutting-edge payments solution for businesses. DFCC Credit Cards relaunched with EMV-enabled chip and Visa payWave contactless technology. DFCC Bank crowned as one of Sri Lanka’s “Most Admired Companies” by Chartered Institute of Management Accounts (CIMA) and the International Chamber of Commerce Sri Lanka (ICCSL). 2020 DFCC Bank awarded the No. 1 Cash Management Service Provider in Sri Lanka by Euromoney. DFCC Bank awarded Market Leader in Cash Management (Domestic Banks) and Best Services in Cash Management in Sri Lanka by Asiamoney.

1955

DFCC is incorporated under an Act of Parliament and is one of the first development banks to be instituted in Asia.

1956

DFCC becomes the first bank to be listed on the Colombo Brokers’ Association, the precursor to the Colombo Stock Exchange.

1977

Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) is formed with DFCC as a founder member.

1984

Finance Leasing is officially introduced.

1985

An Insurance Agency business is commenced. Medium-term Working Capital Financing is officially introduced.

1986

The Head Office is inaugurated.

1988

The first branch in Kandy is opened.

1989

Short-term Working Capital Financing is officially introduced.

1991

NAMAL is officially founded.

1993

Reached No. 1 position in Market Capitalisation.

1995

Asia Money ranks DFCC as the Best Managed Company in Sri Lanka.

1996

Fixed Deposit Mobilisation is introduced.Sri Lanka’s first BOO Power Project is commissioned, financed by DFCC.

1997

Appointed as the Administrative Unit of the Energy Services Delivery Project funded by the World Bank.

1999

Asia Money ranks DFCC as the Best Managed Company of the Decade.

2000

Structured and managed Sri Lanka’s first Rated Debenture Issue for Sri Lanka Telecom.

2001

DFCC acquired ABN AMRO Securities (Pvt) Limited and renamed the company to DFCC Stock Brokers (Pvt) Limited.

2002

Fitch Ratings Lanka Limited assigned the SLAA National Rating for Implied Long-Term Unsecured Senior Debt of DFCC Bank.

Managed the IPO of Sri Lanka Telecom – the largest offering on the Colombo Stock Exchange.

Appointed as the Administrative Unit of the Renewable Energy for Rural Economic Development project funded by the World Bank.

2003

DFCC acquires 94.16% of MERC Bank and renames it as DFCC Vardhana Bank.

2004

DFCC Consulting is founded.

2008

Acuity Partners (Pvt) Limited commences commercial operations.

2011

Shareholding in DFCC Vardhana Bank increased to 99.1%.

2014

Appointed by GOSL to administer the EUR 90 Mn Credit Line from the European Investment Bank.

2015

DFCC Bank and DFCC Vardhana Bank are amalgamated in October to form DFCC Bank PLC.

2016

DFCC Virtual Wallet launches as yet another financial inclusion enabler by DFCC Bank, a first in Sri Lanka’s banking industry.

2017

DFCC Bank launches DFCC Premier Go app to empower Premier customers.

2018

DFCC Bank launches DFCC iConnect, a cutting-edge payments solution for businesses.

DFCC Credit Cards relaunched with EMV-enabled chip and Visa payWave contactless technology.

DFCC Bank crowned as one of Sri Lanka’s “Most Admired Companies” by Chartered Institute of Management Accounts (CIMA) and the International Chamber of Commerce Sri Lanka (ICCSL)

2020

DFCC Bank awarded the No. 1 Cash Management Service Provider in Sri Lanka by Euromoney.

DFCC Bank awarded Market Leader in Cash Management (Domestic Banks) and Best Services in Cash Management in Sri Lanka by Asiamoney.

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