Commercial Bank and DFCC plan to put in a strong bid for a majority stake in Eagle Insurance after losing a battle to get control of SLIC.
Zurich Financial Services together with NDB, holds a majority stake in the company.rn
rnHowever, Zurich announced its intentions of exiting the local market, after the company hit a bad patch due to heavy claims arising from the events of September 11, 2001.rn
rnCommercial Bank says the acquisition of an insurance company will add value to its business.rn
rnldblquote Commercial Bank and DFCC are interested in getting into insurance because bancassurance would add value to the banking products and vice versa,
dblquote says Commercial Bank Chairman, Mahendra Amarasuriya.rn
rnThe bank proposes to set up a joint holding company together with DFCC Bank to hold the majority stake they could acquire in Eagle insurance.rn
rnldblquote The joint venture has been structured in such a way, that it would be roughly 50:50 percent according to the Banking Act, with Comm