The DFCC group has been selected as a consultant in the transformation of Home Finance Company (HFC) of Fiji, a state-owned 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,” a statement issued by DFCC said.

Last month, DFCC said it has entered into a Memorandum of Understanding with Pan Oceanic Bank Limited in the Solomon Islands to facilitate the establishment of its banking network and to provide a core banking solution through its subsidiary Synapsys Ltd.

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

DFCC Bank CEO Arjun Fernando, who has also been appointed to the board of HFC, stated, “The DFCC group is honoured to guide HFC in achieving this important milestone. Having the full range of financial services expertise, complemented by a 100 percent owned information and communication technology subsidiary in Synapsys, enabled the DFCC group to win the mandate over other financial institutions in Sri Lanka and abroad.

Also speaking on this partnership, HFC Chairman Tom Ricketts noted, “As per HFC’s approval, we needed to form a partnership with a well-established international bank. After due diligence and clearance by Reserve Bank of Fiji, we formed a management partnership with DFCC Bank of Sri Lanka, which is Sri Lanka’s first specialized development bank.

They also have a subsidiary commercial arm, DFCC Vardhana Bank and operate through 135 branches and over 1300 employees. We expect to benefit from the competencies and capabilities in the areas where there are gaps, especially in information technology and correspondent banking.”