On 7th September 1995, Ceylinco Development Corporation (CDC) was incorporated with a mandate to lend financial resources to entities engaged in the agriculture sector of Sri Lanka.
Storm clouds gathered in the year 2008. The storm that was unleashed came in the form of the collapse of the Ceylinco Group. As an entity within the Ceylinco fold, CDC, which by this time had changed its name to Ceylinco Development Bank, was facing serious issues of dwindling public confidence and the serious threat of losing its ‘going concern’ status.
It was crunch time in every sense of the phrase and commencing December 2008, a concerted effort began, to transform the fortunes of the Company. In February 2009, the Senior Management of Ceylinco Development Bank took the first steps in a momentous journey that wrought a most remarkable turnaround that is truly the stuff of legends. One of these steps was to rebrand and restyle the Company giving it a new name - Citizens Development Business Finance PLC (CDB), by which name we are known today.
The rest of the story unfolds as you peruse this report.