Newly merged NDB Bank Ltd may look at buying out its partners in its housing bank, with an eye to consolidate operations, officials said Monday. Newly merged NDB Bank Ltd may look at buying out its partners in its housing bank, with an eye to consolidate operations, officials said Monday. NDB Bank – formerly known as National Development Bank and NDB Bank Ltd – has a 30 percent stake in NDB Housing Bank, together with International Finance Corp (15 percent), India’s HDFC Bank (15 percent), CDIC (15 percent).
“We are streamlining things as a commercial bank and will be selling housing as a bank product, as we will do with leasing,” NDB’s Chief Executive Nihal S Welikala told LBO.
NDB, which invested over Rs. 300 million into this specialised housing bank, wants to cash in on building opportunities that emerged following the Dec 26 tsunami.
The tragedy left nearly 31,000 people dead and millions homeless and international donors have pledged US$ 3 million to rebuild affected areas.
“There is tremendous opportunity now and we want to make the best use of it…our Indian partners have been very helpful in running the housing bank. T