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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.


Eran Wickramaratne

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 technology”

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.

 

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