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- LOLC Group enters DFCC buying 10% for Rs. 2.2 b investment via Rights Issue
- LOLC/Browns Investments already hold 10% voting stake and 46% non-voting stake in HNB and treat second largest private bank as an associate
- HNB owns 15% stake in DFCC as single largest shareholder
- DFCC is single largest shareholder in COMBank with 12% stake
- LOLC/BIL control 27% voting stake and 55% non-voting stake in Seylan Bank
- LOLC Group largest private sector shareholder in SANASA Development and HDFC Bank with 15% stake each
Multi-billionaire Ishara Nanayakkara is confirming he is bullish on the banking sector despite its challenges by expanding his footprint with a strategic entry into the DFCC, the country’s pioneering development finance institution-turned commercial bank.
Already the biggest financial services provider via LOLC Group and Browns Investments (BIL), Ishara has acquired 10% stake for Rs. 2.2 billion. This investment comes hot on the heels of over Rs. 5 billion investment last year in HNB, the country’s second biggest private sector bank.
DFCC also holds a 12% voting stake in Commercial Bank and is the single largest shareholder.
This is the formal LOLC Group/Browns Investment acquisition in DFCC.
https://www.ft.lk/top-story/Banking-bullish-billionaire-Ishara-expands-footprint/26-736399