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.
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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).
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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

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