DFCC Group ventures overseas - selected as Consultant to Fiji's Home Finance Company

The DFCC Group has the honour of being selected as consultants in the transformation of the Home Finance Company (HFC) of Fiji, a stateowned financial institution with a limited offering of products and services. DFCC together with its subsidiaries Vardhana Bank and Synapsys has entered into a management contract with HFC, and will provide technical and advisory services in the areas of IT, Treasury and Trade Finance in order to launch its commercial banking operation by January 2014. This is a historic moment for HFC and the country of Fiji as it would be the country's only local bank.

Initially incorporated in 1962, HFC was a licensed credit institution providing financing for housing, machinery and vehicles. Over the last five decades, HFC has grown into a wellestablished local financier now diversifying into offering commercial and consumer loans, asset financing and export financing.

Mr Arjun Fernando, CEO of DFCC Bank, who has also been appointed to the Board of HFC stated, 'DFCC Group is honoured to guide HFC in achieving this important milestone. Having the full range of financial services expertise, complemented by a 100% owned information and communication technology subsidiary in Synapsis, enabled DFCC Group to win the mandate over other financial institutions in Sri Lanka and abroad. DFCC Bank is a successful Development Finance Institution that has transformed into a multi-product and robust financial institution, and today together with our commercial banking subsidiary - Vardhana Bank offers a full range of business and personal banking services.

We are very eager to utilize our learning and expertise that we have gained over nearly 60 years in this business, to guide the Home Finance Company in their transition.' He further stated that this mandate has opened doors for the Group to other opportunities in the Pacific Region.