|
|
 |
 |
| Sunday, 6 July 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
NDB/BoC wins controlling stake in Eagle Insurance The 58.44 per cent of issued shares of Zurich NDB Finance Lanka Limited, the holding company of Eagle Insurance, previously held by Zurich Insurance Company, Switzerland, was acquired last week by the National Development Bank (NDB) Group with the active participation and support of the Bank of Ceylon (BoC) at a transaction price of Rs. 143.00 per share. As a result of this acquisition, made through Capital Development and Investment Company Ltd (CDIC), a subsidiary of NDB and associate company of BoC, NDB will have the controlling interest in Eagle Insurance Company. This records the exit of Zurich Financial Services Group from the local market. Zurich announced that it was reviewing its options in Sri Lanka about three months ago following the change in its global strategy of re-allocation of capital to selected global markets. Zurich entered the Sri Lankan market in 1999 with the divestiture of Ceylon Tobacco Company shares of Eagle Insurance. NDB, a founder shareholder of Eagle, was the joint venture partner with Zurich that facilitated this entry. Bank of Ceylon, another initial shareholder of Eagle, joined the NDB Group to acquire the majority stake of Eagle. Eagle currently uses the 300-strong BoC network as collection centres for Eagle Life insurance premia and this relationship is expected to go beyond the present network facilitation to offer bancassurance products and solutions to BoC clients. Chandra Jayaratne, Managing Director Eagle insurance said: "We confirm and reassure that change of ownership will not affect any of the contractual obligations Eagle has made to its policy holders and other stakeholders. The core values of accepting risks with responsibility, being ethical, innovative, dedication to customers, and encouraging everyone to contribute and excel, upon which the company is built and operated, will continue to add value to all stakeholders and provide the required financial security and stability". |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
