NDB to divest investment bank, broking firm to CDIC

NDB Board of Directors yesterday resolved to divest two fully-owned subsidiaries – NDB Investment Bank Ltd. and NDB Stockbrokers Ltd. – to Capital Development and Investment Company Plc.

NDB holds a 99.6% stake in CDIC as well.

NDB said the move was part of restructuring the Group to optimise return to shareholders.

The divestiture will be at net book value of each company reflected in the 2011 accounts. The move is subject to CDIC Board approving same along with regulatory clearance.