Capital Development and Investment Company, the Sri Lanka-based venture capital investment firm, is taking over two National Development Bank companies in a bid to position itself as a financial services conglomerate. 

CDIC will take a 100 per cent stake in NDB Investment Bank and NDB Stockbrokers to complement its existing investments in NDB Aviva Wealth Management and Aviva NDB Insurance, it said in a statement. Capital Development and Investment Company is 99.6 per cent owned by NDB.

Subject to regulatory approval, the resulting entity will be led by Ashok Pathirage and Vajira Kulatilaka as chairman and chief executive, respectively. Pathirage is the deputy chairman of NDB, while Kulatilaka is the CEO of the NDB Investment Banking Cluster. Kulatilaka is also a director of the Colombo Stock Exchange and several firms under the NDB Group. 

The acquisitions are part of CDIC's plan to diversify its holdings, particularly in the areas of investment banking, stockbroking, wealth management, private equity and insurance. The company is also planning to float a private equity company and seek more partnerships with other global and regional firms.