CDIC seeks 100% controlling stake in investment banking, stockbroker units of NDB

*  Seeks global partners for future expansion


The board of directors of Capital Development and Investment Company (CDIC) approved a new business plan to position itself as a diversified financial services conglomerate with ultimate exposure to investment banking (both regionally and in Sri Lanka), stockbroking, wealth management, private equity investments and insurance sectors, the company said in a statement yesterday.

"With the aforementioned diversification, CDIC will be placed in a unique position to attract investors who are seeking exposure to finance sector both locally and regionally. According to the new business plan, CDIC will acquire 100 percent ownership of NDB Investment Bank and NDB Stockbrokers from National Development Bank PLC (NDB) which will complement its existing strategic investments in NDB Aviva Wealth Management and Aviva NDB Insurance PLC. The above acquisitions would be made subject to regulatory approvals. CDIC plans to float a private equity firm and also explore strategic investment opportunities in the region in the finance/banking sector. CDIC would seek collaborations with global and regional partners to implement the above plan. CDIC is 99.6% owned by NDB.

"In addition, the board appointed Ashok Pathirage and Vajira Kulatilaka as the Chairman and Chief Executive Officer of the Company respectively. Pathirage is the Deputy Chairman of NDB and is one of the leading entrepreneurs in the country. He is the chairman of Softlogic Group, Uniwalkers, Softlogic Finance and Chairman/Managing Director of Asiri Group of Hospitals. Kulatilaka is presently the CEO of the NDB Investment Banking Cluster and was instrumental in developing the investment banking business of the NDB Group. Kulatilaka is a director of the Colombo Stock Exchange and several companies of the NDB Group."

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