Sri Lanka’s Com Bank gains control of Commercial Insurance Brokers
ECONOMYNEXT- Sri Lanka’s Commercial Bank has acquired a majority stake in Commercial Insurance Brokers (Pvt) Ltd after buying shares from Chemanex Plc.
Chemanex said it sold its 40 percent (239,999 shares) in CIB to Commercial Bank for 250 million rupees.
Commercial Bank previously owned 18.48 percent of CIB through its subsidiary Commercial Developments Plc.
Commercial Bank in its latest annual report said that it held significant influence over the operations of CIB even through the bank held only a minority share.
In 2018 CIB posted a profit of 32.8 million rupees, up 14.3 percent from a year earlier.
CIB’s revenue in 2018 was 294.9 million rupees, up 7.3 percent from 2017. (Colombo/Jun03/2019)