The DFCC Bank is open to new investments with the Rs 3.8 billion cash in hand after selling a sizeable stake in Commercial Bank (CB) to the Japanese fund, the SBI Group, according to a top official.
“There’re no specific decisions as yet, but the financial services industry is what interests us the most.
We’re open to investments and will look at the financial services sector,” Nihal Fonseka, General Manager/CEO DFCC told the Business Times. DFCC sold off its stake in line with Central Bank rules that no individual/institution can own more than 10 % in the bank unless with special permission, a rule that came into force three years back.
Dinesh Weerakkody, a CB director nominated by DFCC Bank, resigned from the directorate soon after DFCC reduced its stake as DFCC had a director position by virtue of having more than 20% in CB.