Safe Hands

The DFCC-Commercial Bank consortium plan to hold their stakes in Eagle Insurance through a holding company, in the event their bid succeeds.
Both banks put a joint bid for Eagle Insurance, after its parent company, Zurich Financial Services (ZFS) said it was pulling out of Sri Lanka.rn

rnldblquote If we get it, we are looking at holding our joint ownership in a holding company, a similar model we planned to use when we sought permission to merge with DFCC Bank two-years ago,
dblquote Commercial Banks Chairman, Mahendra Amarasuriya said.rn

rnZurich has a 58.44 percent holding in Zurich NDB Finance Lanka (ZNFL), which in turn, holds 87.27 percent in Eagle Insurance. ZNFL is a joint venture between Zurich and Capital Development and Investment Co Ltd (a subsidiary of National Development Bank).rn

rnAnalysts speculated that DFCC-Commercial Bank consortium would initially look at ZFS stake or make an overall offer eyeing NDB stake as well.rn

rnAmarasuriya said it was still too early to say, but sai