DFCC Bank recognises key cinnamon export clients and their contribution to stabilising Sri Lanka’s economy
December 27, 2021
DFCC Bank, the premier commercial Bank in Sri Lanka, implemented a programme to recognise key cinnamon exporters and the significant contributions made by the exporters and their value chain, and to commemorate their hard work in increasing foreign exchange flows into the country.
Through the recognition program, DFCC Bank provided customized export financing solutions to cinnamon exporters after a period of engagement to best understand their requirements. The program follows the on-boarding of several key players in the cinnamon production and export industry further to engagements carried out by selected branches. The solutions provided by DFCC Bank have thus far been well utilised enabling a significant increase in the sector’s business volume. The Bank’s customize MSME supplier financing product was also rolled out to the cinnamon sector targeting the supply chain of export clients, to ensure better productivity and output.
Exporters are one of the most important segments within the country’s economic landscape and have played a pivotal role in the development of the Sri Lankan economy. The export sector has recorded impressive performances during the post-pandemic period by achieving higher export volumes and values despite many challenges. Export earnings from the spices sector have shown significant growth with cinnamon being the main spice where global demand for true Ceylon cinnamon is increasing due to a heavier global focus on health and safety, and consuming products that contribute to securing it.
Commenting on the importance of the recognition programme, VP – Offshore Banking, Trade & International Business Development, Mr. Anton Arumugam stated, “DFCC Bank is delighted to offer its expansive export financing solutions to key cinnamon exporters, while recognising the important role they play in securing foreign currency inflow, and thereby securing the resilience and growth of the national economy. We look forward to driving the growth the export market through our targeted financial solutions, thereby creating significant economic value for the nation. The recognition programme is part of DFCC Bank’s long-term journey of contributing to the growth and prosperity of our stakeholders.”
About DFCC Bank
DFCC Bank is a full-service Commercial Bank with a legacy of over 65 years as one of Sri Lanka’s foremost financial conglomerates that offer a range of commercial and development banking services. The Bank won the awards for Most Trusted Retail Banking Brand and Best Customer Service Banking Brand in Sri Lanka, 2021 from the prestigious Global Brands Magazine, UK and was ranked amongst Business Today’s Top 30 Corporates in Sri Lanka. DFCC Bank is rated [SL] AA- Stable by ICRA Lanka Limited and A+ (lka) Stable by Fitch Ratings Lanka Limited.
Mr Anton Arumugam, VP Offshore Banking, Trade & International Business Development of DFCC Bank (3rd from left) presenting tokens to Grupo Canela (Pvt) Ltd (left) and D-Triangle (Pvt) Ltd (right)
