NDB Investment Bank
NDB Investment Bank, led by chief executive Darshan Perera, stood out yet again as Sri Lanka's best corporate and investment bank.
The bank has worked hard to deepen Sri Lanka's nascent market for investment banking, despite the pandemic's toll on businesses and their ability to raise funds. While other banks had little to show over the course of the year, NDBIB, a 99.9% owned subsidiary of NDB Bank, successfully completed equity, debt and M&A-related transactions, all while working remotely.
The bank's M&A activity was especially noteworthy. NDBIB realized that the pandemic would lead to industry consolidation with opportunities for mergers and acquisitions. For example, it helped to drive consolidation in Sri Lanka's famous tea sector, with George Steuart & Co's acquisition of HVA Group. It also worked on the acquisition of confectionery company Daintee, identifying local conglomerate Sunshine Holdings as the perfect suitor to buy out the two families who owned the business and who wanted to divest.