NDB purchases shareholding of CDIC owned by BoC

NDB Bank purchased 23.86% of shares owned by Bank of Ceylon (BoC) in the Capital Development and Investment Company (CDIC) for Rs 1.15 Billion. Prior to the purchase, NDB owned 75.8% of CDIC, a public quoted company in the Colombo Stock Exchange.

Aviva NDB Finance Lanka (Pvt) Ltd (ANFL) is the majority shareholder of Eagle Insurance Plc with 87.27per cent shares. CDIC's shareholding in ANFL is 41.56 per cent while Aviva International Holdings (Pvt) Ltd holds 58.44 per cent.

The recent purchase of CDIC shares by NDB increases its effective shareholding in Eagle from 31.5 per cent to 41.42 per cent. CDIC is now positioned as an effective vehicle for NDB's plans for local and regional growth.

With long-term sustainable returns, the bank has done well in terms of profitability and has a quality portfolio with the lowest Non-Performing Loans in the industry among local banks.

The bank's low cost income ratio gives it a competitive advantage while the growth in its deposit mobilization is a consequence of its expanding distribution network. NDB Bank is also well capitalised with a strong balance sheet.

NDB bank now has 40 branches, supporting various business areas - Corporate banking, Project Financing, SME lending, Retail Banking, Investment Banking and Insurance. NDB Bank - the strongest capitalized private bank in Sri Lanka, was recently affirmed by Fitch Ratings Lanka with a National long-term rating of 'AA (lka)".

In addition, as part of the NDB Group, the customers have access to the products and services of the Group, including insurance from Eagle insurance company, Stock brokering from NDBS stockbroker and Investment Banking from NDB Investment Bank, among others.

With its strength and diversity of resources to offer its customers a wide-ranging portfolio of financial solutions NDB Bank is maintaining the highest standards of competence and probity and is firmly on track to achieve its cherished vision - to be a World Class Sri Lankan Bank.