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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka's NDB Bank undecided on Aviva unit: official

Sri Lanka's NDB Bank undecided on Aviva unit: official

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
June 22, 2012(LBO) – Sri Lanka's NDB Bank Plc, has not a made a decision to buyout their partner or exit a joint venture insurance unit with Britain's Aviva, which reports said is on the block as part of a retreat from Asian markets.

Western media reports speculated that plans by Aviva to exit some Asian markets included disposing investments in Sri Lanka and South Korea.

"At this stage we are not sure whether the transaction will be complete, to begin with," NDB Group’s Chairman, HemakaAmarasuriya told reporters on Thursday.

"There may be an intention to sell, but the sale has to be at the right price, to the right buyer

"It’s premature to come to an opinion whether we should buy, or whether we should sell or stay put," Amarasuriya said.

Aviva NDB Insurance, is believed to be under pressure from local regulators to spin-off its life and non-life business.

AIA Group Limited, Prudential Plc and Manulife Financial Corp would be the most likely bidders for Aviva's stake in the Sri Lankan joint venture, Reuters news agency said last month citing sources.

The report said Aviva’s 51 percent stake in Aviva NDB Insurance was worth around 18 million dollars.

NDB Group’s Chief Executive, Russell de Mel said if Aviva's stake is sold off, the new investor would also benefit from a partnership with NDB, which has Sri Lanka's largest fund management unit.

"There is a big insurance fund that is being built up, and it has to be professionally managed, and I believe that whoever who comes, will opt to be with NDB Capital Holdings because we are the best,” de Mel said.

NDB Aviva Wealth Management, is managing some 50 billion rupees of assets.

Aviva NDB Insurance generated 12.8 billion rupees (99 million dollars) in revenue last year and earned a post-tax profit of 691.6 million rupees.

The insurance joint venture was recently reassigned under NDB Capital Holdings Plc, a full-service investment bank unit,that also offers wealth management, stockbroking, private equity and strategic investments.
http://www.lbo.lk/fullstory.php?nid=1535784968

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