DFCC Bank PLC has announced plans to establish a fully-owned subsidiary dedicated to providing wealth management and investment banking services, subject to regulatory clearance.

In a stock exchange filing on Friday (28), the bank confirmed that its Board of Directors had granted in-principle approval for the new entity at a meeting held on 28 March.

The initiative marks a strategic step towards expanding DFCC’s footprint in the financial services sector.

The proposed subsidiary will operate independently under DFCC’s ownership and is intended to strengthen the bank’s offerings in capital markets and high-net-worth client services.

DFCC stated that a further announcement will be made upon receiving the necessary regulatory approvals.

The disclosure was made in compliance with Section 8 of the Listing Rules of the Colombo Stock Exchange, which requires immediate public disclosure of price-sensitive information.