DFCC Bank and AIA Insurance Lanka Plc have struck a 20 year bancassurance deal.

DFCC said that it has been working with AIA for the past few years and yesterday entered into a 20-year exclusive bancassurance agreement for life insurance business.

DFCC will receive a series of payments commensurate with the value of business generated during this period.A mutually beneficial exclusive partnership between DFCC and AIA will provide customers a value addition by way of easy access to unique life insurance products offered by AIA, one of the leading insurers in the world, DFCC said.

AIA comprises the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in the Asia-Pacific and is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of $ 181 b as of 31 May 2016.

Melstacorp buys 0.5% DFCC stake for Rs. 176.5 m

Melstacorp Ltd. has acquired a 0.5% stake in DFCC Bank for Rs. 176.5 million.

The stake, amounting to 1.5 million shares, was bought at Rs. 117.70 per share. 

As at September 2016, Melstacorp was the sixth-largest shareholder in DFCC with a 6.43% stake. DFCC yesterday closed trading unchanged at Rs. 116.80.