Impending Marriage

DFCC Bank said Monday it is talks with key institutions to acquire a commercial bank and an insurance company.
A due diligence study on MERC Bank has got under way and DFCC is keen to acquire the small privately held commercial bank, subject to regulatory and other approvals.rn

rnMERC Bank also has a foreign exchange licence. If the acquisition goes through, DFCC Bank says the move is in line with its strategy of offering universal banking services to its customers.rn

rnAfter a failed attempt with Commercial Bank to acquire Sri Lanka Insurance Corp. the DFCC-Commercial Bank consortium is now looking at taking a control stake in Eagle Insurance.rn

rnDFCC Bank said in a statement that the bank is joining Commercial Bank to bid for a 51 percent stake in Zurich Financial Services (ZFS). Zurich Financial Services owns a controlling stake in Eagle Insurance.rn

rnZFS said last week that it was pulling out of Sri Lanka as part of a regional strategy. DFCCs rival National Development Bank has a minority