Mon, 06 Feb 2023 Today's Paper

Aviva UK to sells stake in Aviva NDB

27 September 2012 04:02 am - 1     - {{hitsCtrl.values.hits}}

A A A

Aviva UK says it agrees to sell its controlling 58.44 percent in Aviva NDB to American International Assurance Company to 31million Euro ($50.05 Million) payable in cash.

Meanwhile Market Watch stated that AIA, 13.7% owned by American International Group Inc. AIG -1.00% , agreed to purchase a 92.3% stake in Aviva NDB Insurance PLC for $109 million in cash from British insurer Aviva PLC and Sri Lanka's National Development Bank, it said in a statement.

The transaction includes a 20-year exclusive bancassurance agreement with NDB, one of Sri Lanka's major financial conglomerates with a nationwide bank branch network, as well as AIA's sale of an 83.9% stake in NDB Aviva Wealth Management Ltd.

Sri Lanka has "a compelling combination of strong economic growth prospects and low existing levels of insurance penetration," AIA Chief Executive Mark Tucker said in a statement, adding that Sri Lanka is AIA's 16th market in Asia Pacific.

The transaction is subject to approval by the Department of Exchange Control in Sri Lanka, the review of which is expected to be completed by the end of 2012, AIA said, adding that the acquisition will be funded by existing cash resources.

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

  Comments - 1

Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka
  • RamUK Thursday, 27 September 2012 07:08 AM

    good choice .. well done aviva board


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Order Gifts to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Vegetables, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Sending Money,Online Books, Delivery Service, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop Sri Lanka

Pain and punishment

Should we spare the rod and spoil the child? Does it really happen? Children

Health System in the emergency room

Sandya Kumari from Kotahena has been experiencing chest pains since 2015 and

Canada’s targeted sanctioning of Gota and Mahinda

History was made last week when two former executive presidents of Sri Lanka

SC judgement on Easter attack: Court rules negligence stood in the way of avoiding most heinous crime

“On the ill-fated day of 21st of April 2019, this island home was awoken ru