With Aviva’s global expertise :
NDB Group to offer wealth management solutions
Eagle Insurance PLC’s second-largest shareholder NDB Bank, through
its subsidiary Capital Development and Investment Company (CDIC) will
acquire the controlling stake in Eagle Insurance’s fully owned
subsidiary, Eagle NDB Fund Management Company (ENDB) subject to
receiving the relevant regulatory approvals. Aviva International
Holdings through Aviva NDB Finance Lanka (Pvt) Ltd., (ANFL) will remain
as ENDB’s indirect shareholding partner with a stake of 49 percent.
With this acquisition CDIC will own a direct and indirect
shareholding representing 51 percent of the issued share capital of ENDB,
on the basis that CDIC shall have the effective control of ENDB. CDIC, a
subsidiary of NDB, is the NDB Group’s strategic investment arm.
The Eagle NDB Fund Management Company has been in existence since
1991 and is one of the largest licensed asset management companies in
the country which manages insurance funds, provident funds, pension
funds, endowment funds, and unit trusts with investments in equity and
fixed income instruments. Through this acquisition it is believed that
the ENDB clientele will now be well positioned to benefit from the
synergies of the NDB Group, one of the fastest growing financial
conglomerates in Sri Lanka and Aviva’s expertise which draws on the best
of products, technologies and capabilities globally.
“Prudent wealth management is the foundation of a healthy economy,
may it be of a company or of an individual,” said Chief Executive - NDB
Bank Eran Wickramaratne.
“Rather than encouraging the pursuit of short-term benefits, our
wealth management solutions will offer a range of products that will
encourage long-term benefits.
We at the NDB Group through wealth management solutions aspire to
offer our customers a wider selection of products that are designed
specially for the local market, using global expertise, innovation and
Managing Director, Eagle Insurance, Deepal Sooriyaarachchi said,
“this arrangement shows the greater commitment of our principal
shareholders towards infusing their expertise to further develop and
provide greater impetus to the Asset Management Business.