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Saturday, 8 December 2012






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NDB group earnes a net receipt of US$59 mn

Concludes deal with AIA Group:

Following a strategic rearrangement of investments within the Group, NDB recently entered into a Share Sale and Purchase Agreement with AIA Group Limited (AIA), which is headquartered in Hong Kong, whereby NDB Group agreed to sell its shareholding in the Aviva NDB Holdings Lanka (Private) Limited (Aviva NDB Holdings or ANI) to AIA.

In September 2012, AIA agreed to acquire a 92.3 per cent stake in ANI, representing both NDB Group’s shareholding as well as the shareholding in ANI of British insurer Aviva.

H. T. Phong, Regional Chief executive of AIA with Russel de Mel, CEO of NDB after the signing of the transaction with senior representatives from AIA / ANI and the NDB Group.

Having met the necessary regulatory and legal requirements, the transaction has now reached finality and thereby NDB group earned a net receipt of US$59 Mn arising from the transaction.

With the objective of continuing to provide all financial services under one roof, NDB also entered into an exclusive Bancassurance agreement with AIA for a period of 20 years. The long term arrangement stands witness to the commitment of NDB group and the new controlling shareholder, AIA to continue to provide their customers with a wideand leading range of Insurance products.

Pursuant to this transaction, as part of the group’s plans t o realign the resources gained from the above sales proceeds, NDB entered into a second transaction to purchase the balance of the shareholding of NDB Aviva Wealth Management PLC from AIA.

With the completion of this transaction, NDB Capital Holdings which now owns 100% of the Wealth Management arm of the group will be able to further harness the strengths of the wealth management portfolio of the company, thus consolidating its position as the market leader in Wealth Management in Sri Lanka. Concurrently, a fund management agreement has also been placed to manage ANI’s insurance funds exclusively for a period of 20 years.

Commenting on this transaction, CEO of NDB Group, Mr. Russell De Mel said, “We are indeed pleased to have finalized our agreement with AIA, one of the world’s leading insurance companies.

Our partnership with AIA will further strengthen NDB group’s current success in the Bancassurance and insurance arena.

Through the agreement, Insurance, the third pillar of the NDB Group, will continue to exist with an even stronger alliance in Bancassurance with AIA.

The net receipts of US $ 59Mn, arising out of these transactions, have given an opportunity for the NDB Group to further strengthen the strategic alliances within the financial services sector whilst enhancing and releasing core capital; a prerequisite to boost organic and inorganic growth of the NDB Group.

This is very timely to take on the emerging opportunities to become a significant national and regional player in the financial sector and contribute further to the growth of Sri Lanka”.


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