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Name to be changed to Aviva NDB Insurance PLC
New global livery for Eagle Insurance

Eagle Insurance (first founded by the Ceylon Tobacco Company as CTC Eagle) plans to change its name to Aviva NDB Insurance PLC incorporating the names of its two principal shareholders, Aviva, the global insurance giant, and the NDB Bank.

Shareholders of Eagle have been told that the company was embarking on a strategy of transforming itself into what was called "a repositioned entity" as an important step in the company’s onward journey to meet the challenges of a rapidly changing and far more demanding and dynamic global environment.

Eagle’s parent, Aviva plc, the largest insurer in the United Kingdom and the world’s fifth biggest, is building what the circular said was "a global brand to compete on the world stage for the benefit of its customers, staff and shareholders."

It is working on the premise that today, in an age of globalization, global brands have a greater opportunity to deliver benefits to their stakeholders.

"Over the past ten years, Aviva had brought together 50 different brands around the world under the Aviva name and its move towards a single global brand is a key part of the company’s "One Aviva" vision to bring the best products and services to new and existing customers around the world,’’ the circular said.

Aviva which acquired the indirect majority shareholding of Eagle in 2006 sees Sri Lanka, ``with a population of 20 million and a very positive development outlook,’’ as an important Asian market for Aviva, the company said.

"It is likely that there will be many global insurance brands competing in the local market in the foreseeable future. In such a scenario, the benefits of a global brand will be very significant," the circular said.

The decision to combine Aviva and the NDB names to transform Eagle Insurance into Aviva NDB Insurance PLC involves the use of the name of the company’s second largest shareholder in the title of the business.

One of the largest financial conglomerates in Sri Lanka, NDB also operates regionally in the Maldives and Bangladesh and offers a portfolio of products including project finance, corporate banking, SME lending, retail banking, investment banking, stock brokering, wealth management and insurance solutions under one room.

"Today NDB Bank, the commercial banking arm of the NDB Group is the highest capitalized Sri Lankan commercial bank. Therefore NDB will add significant brand equity in Eagle’s journey to reposition itself as Aviva NDB Insurance PLC," Eagle shareholders have been told.

``The transformation accompanied by the name change is to be followed by novel products and service offerings to create greater momentum within the company,’’ shareholders have been told.

``It will also be supported with a well thought brand building communication strategy offering the strength of a global brand and the relevance and confidence of a local financial conglomerate to the company’s customers.’’

Shareholders have been invited to adopt a circular resolution endorsing the name change.

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