National Development Bank on Thursday acquired Zurich Insurance Companys 58.44 per cent stake in Zurich NDB Finance Lanka endash the holding company for Eagle Insurance, at Rs. 143.00 a share or close to Rs. 1.5 billion.
Through the deal NDB will hold an 87.2 per cent direct stake in Eagle Insurance. rn
rnThe deal also ends intense competition by four consortiums, including NDB to acquire Zurichs hold in Sri Lankas third largest insurance company. rn
rnCommercial Bank in a joint deal with DFCC Bank, John Keells Holdings and the Stassen Group were keen in the controlling stake. rn
rnThe shares were acquired through NDBs subsidiary Capital Development and Investment Company (CDIC), Zurichs joint venture partner in Zurich NDB Finance Lanka – the holding company for Eagle Insurance. rn
rnIn a statement confirming the deal, NDBs Director/General Manager Nihal Welikala said the group was confident of the future potential of the insurance business.rn
rnldblquote New solutions, shared services and o