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| Sunday, 31 July 2005 |
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Business |  |
| News Business Features Editorial
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NDB, NDB Bank merger to boost industry growth The NDB and NDB Bank merger will result in the merged entity having the registered name as the National Development Bank Limited with the trade name NDB Bank from tomorrow. The bank's areas of core competencies will range from retail banking to corporate banking and SME banking. We will not move away from project finance, but we will do it better, a spokesman for the bank said. As a result of the merger we are not moving away from project finance, but of making it commercially viable by cross-selling other financial products. As a result, the core competence of NDB which is project finance, will now be supplemented by commercial banking. SME financing is also a high growth area in which we now have new products to offer our customers. Capital markets are an area of strength for NDB as evidenced by our lead role in the recent successes of the Dialog Telekom and Lanka Indian Oil IPOs. We also plan to synergise through a bancassurance initiative through our very successful insurance arm, Eagle Insurance. The business merger which integrates the separate strengths of the NDB and NDB Bank is one of the most complex business transactions in the financial sector. It will result in sustainable growth in the industry, enabling higher returns on investments for our shareholders, greater reach and distribution as well as more competitive pricing and higher levels of service for our customers, together with many new career opportunities for our staff. |
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