DFCC Bank of Sri Lanka to Incorporate Under Company’s Act…

The government has presented a bill in parliament on 10 October that provided for the registration of DFCC bank as a public limited company incorporated under the Companies Act with the name DFCC Bank PLC (Company).

The Bill will become law once parliament passes it and it is certified by the Speaker.

The proposed law will enable the Company to come into being on a date to be specified and continue to carry on its business as a licensed specialized bank without any interruption, a stock market disclosure said.

The Bill provides for all assets, liabilities, right, obligations and contracts of DFCC Bank including those relating to all borrowings, securities issued, deposits, lending, investments, shares issued, services, undertakings of government relating to foreign exchange risk cover, directors and employees to seamlessly transfer to and vest in the Company.

The Company will make disclosures as matters progress.