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Fitch affirms NDBs AA(lka) rating post merger with NDB Housing

Sept 29, 2006 (LBO) - Fitch Ratings Lanka Friday affirmed its AA (lka) rating for NDB Bank following its merger with NDB Housing Bank. NDB tookover the assets and liabilities of NDB Housing Bank on Sept 1 after securing the blessings of Sri Lanka’s Central Bank.

The merger helps NDB Housing to overcome Central Bank’s minimum 1.
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5 billion capital requirement due in 2007.

Fitch says that the merger would strengthen NDB’s position as a full service commercial bank, to sell housing finance through its growing branch network.

The legal restrictions placed on NDB’s predecessor National Development Bank of Sri Lanka was the objective for dismantling of NDB’s group entities and businesses such as housing finance undertaken by NDB Housing, was integrated into NDB's core banking activities.

NDB initially owned 41.34 percent stake in NDB Housing together with the International Finance Corporation and HDFC Investments Ltd of India holding 15 percent each.

However, by April 2006, NDB had acquired all the shares held by the minority shareholders and the housing subsidiary now accounts for 3.
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4 percent of NDB’s assets as at June 2006.
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