NDB Bank is looking at buying back Eagle – NDB Fund Management (ENFM) to merge into its business, according to a NDB source.

"There were some discussions, but still there is nothing concrete, because these talks have not come up to board level as yet," the source told The Sunday Times FT. Eagle Insurance controls 100 % in ENFM. Eagle Insurance is in turn controlled (87.27 %) by Aviva – NDB Finance Lanka (ANFL).

Stock analysts said Capital Development and Investment Company (CDIC), which NDB near-acquired in July having bought Bank of Ceylon’s (BOC) 23.86 percent will be used as a vehicle in the transaction. CDIC's main asset is the minority stake it has in ANFL with 41.56.