Global financial services giant, Zurich Financial Services hopes to pull out of its Sri Lankan business operations, which also includes Eagle Insurance Co Ltd.
Confirming months of speculation, Zurich said Tuesday that it was conducting a strategic review of different options for its shareholding in Zurich NDB Finance Lanka (Pvt) Ltd. (ZNFL) in Sri Lanka. rn
rnldblquote These options include possibly divesting its shareholding in ZNFL in Sri Lanka. These options include possibly divesting its shareholding in ZNFL and thereby its controlling interest in Eagle Insurance Company Ltd. (Eagle), as well as continuing current arrangements,
dblquote the statement said. rn
rnZurich has a 58.44 percent holding in Zurich NDB Finance Lanka (Private) Ltd. (ZNFL); ZNFL is a joint venture between Zurich and Capital Development and Investment Co Ltd (a subsidiary of National Development Bank). rn
rnZFNL in turn, holds 87.27 percent of Eagle Insurance. Eagle is a composite insurance operation in Sri Lanka listed