Sri Lanka’s Government presented a Bill in Parliament on 10th October 2014 that provides 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 company says in a stock announcement.
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.
The Bill provides for all assets, liabilities, rights, obligations and contract of DFCC Bank including those relating to all borrowings, securities issued, deposits, lending, investments, shares issued, services, undertaking of government relating to foreign exchange risk cover, directors and employees to seamlessly transfer to and vest in the company.
Sri Lanka, DFCC Vardhana Bank PLC, is to issue 50,000,000 subordinated and senior unsecured