Oct 01, 2015 (LBO) – Amalgamated DFCC Bank has officially kick-started its commercial operations from today on-wards after receiving the approval from the registrar general on Thursday.
The Bank has received the Certificate of Amalgamation in terms of Section 244 (1) (a) of the Companies Act.
Accordingly, the DFCC Vardhana Bank has been amalgamated with DFCC Bank in accordance with the provisions of Part VIII of the Act, with DFCC Bank surviving as the amalgamated entity.
DFCC Bank has also obtained a commercial banking license from the Monetary Board of the Central Bank in terms of the Banking Act, the Bank said in a stock exchange filing.
The amalgamation of two banks was unanimously approved by the Shareholders of both banks on the 28 August 2015.