The Housing Development Finance Corporation Bank of Sri Lanka PLC, commonly abbreviated as HDFC Bank of Sri Lanka PLC, is a specialised housing bank in Sri Lanka. The bank commenced operations in 1984 as a building society. Through successive acts in the Parliament of Sri Lanka over the years, the bank transformed into a state-owned enterprise, then a specialised bank and a listed company on the Colombo Stock Exchange in 2005. Since widening its scope of business in 2011, the bank established itself as a supporter of small and medium-sized enterprises. The government of Sri Lanka holds 51% of the bank's stocks, mainly through the National Housing Development Authority. HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition.[2] Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022.[3] Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.
History
The Housing Development Finance Corporation (HDFC) was incorporated in December 1983 as a building society. The HDFC was established under the National Housing Act No. 37 of 1957 and it commenced operations in June 1984.[4]