Corporate Info
|
Name |
National Development Bank PLC |
|
Registration No |
PQ 27 |
|
Credit Rating |
A(lka) Fitch Rating |
|
Auditors |
Messrs Ernst & Young |
|
VAT Registration No |
409000266 - 7000 |
|
Corporate Office |
40, Navam Mawatha, Colombo 2, Sri Lanka |
|
Company Secretary |
Mrs.Shehani Ranasinghe |
|
Stock Exchange Listing |
The shares of the Bank were listed on the Colombo Stock Exchange in 1993 |
|
NDB Limited |
The business and assets of NDB Limited, a banking company incorporated under the Company's Act No 17 of 1982 which had its principal place of business at No 40, Nawam Mawatha, Colombo 2 was acquired by the National Development Bank PLC on August 1, 2005 |
|
Legal Form |
Banking Company incorporated under the Companies Act No. 07 of 2007 and also regulated under the banking Act No.30 of 1988 as amended from time to time. |
Corporate Timeline
1979
Established under the National Development Bank of Sri Lanka Act No. 2 of 1979, the Bank commenced operations with an authorized capital of LKR 2,000 Million, consisting of 20 Million ordinary shares valued at LKR 100 each. This was subsequently subdivided into 200 Million ordinary shares of LKR 10 each.
1993
61% of the share capital of the National Development Bank of Sri Lanka (NDBSL) was transferred to private ownership through an IPO at LKR 50.00 per share.
1997
NDBSL was further privatized through the early conversion of its convertible debentures, reducing the Government's direct shareholding to 12.2%. Additionally, 2.56% of the issued shares were acquired by NDBSL for an Employees Share Ownership Plan.
2001
As a part of its long term plans, NDBSL incorporated a commercial bank under the Companies Act No. 17 of 1982 under the name ‘NDB Bank Limited’ (NBL) to take over the business and operations of ABN Amro NV Colombo Branch.
2005
Pursuant to the National Development Bank of Sri Lanka (Consequential Provisions) Act No. 1 of 2005, National Development Bank Limited (NDBL) was incorporated under the Companies Act No. 17 of 1982 (Registration No. N (PBS) 1252) to take over the business of NDBSL on 15 June 2005. Consequently, the National Development Bank of Sri Lanka Act No. 2 of 1979 was repealed, except for certain provisions therein.
2005
NDBL acquired the business and operations of NBL. Consequently, NBL shareholders received NDBL shares at a ratio of 1 NDBL share for every 5.6 NBL shares held, increasing NDBL's issued capital to 54,570,257 shares. To facilitate this transition, the Central Bank of Sri Lanka granted NDBL a commercial banking license and simultaneously withdrew its specialized banking license.
2007
NDBL was re-registered as National Development Bank PLC (‘Bank’) in terms of the new Companies Act No. 7 of 2007 and accorded with the Registration No. PQ 27.
2021
The successful completion of a Rights Issue and a Private Placement with Norfund, the Norwegian Investment Fund for Developing Countries, resulted in Norfund acquiring a 9.99% shareholding in the Bank, becoming NDB's anchor Shareholder