Hatton National Bank (HNB) announced yesterday that Acuity Partners (Private) will be renamed HNB Investment Bank (Private) following the full acquisition of the securities firm.
The official announcement came after DFCC Bank sold its 50 percent stake in Acuity Partners to HNB for Rs. 6.5 billion last month.
The rebranded HNB Investment Bank will offer a wide range of services including mergers and acquisitions, debt and equity capital markets services and advisory solutions,” HNB Investment Bank said in a statement.
“This acquisition is seen as a strategic move to align HNB’s investment banking operations with its long-term growth objectives, and will help it leverage its strong financial base and expertise to expand its footprint in the financial services industry in Sri Lanka and abroad,” said HNB Managing Director and CEO Damith Pallewatte. Acuity Partners operated as a joint investment company between HNB and DFCC, where it managed several subsidiaries providing various financial services.
This included Acuity Partners (Pvt) Ltd, which specializes in corporate finance and advisory services, Acuity Securities Ltd, which deals with government securities, and Acuity Stockbrokers (Pvt) Ltd, a member company of the Colombo Stock Exchange (CSE). The group also included LVL PLC and LVEF PLC, two venture capital firms that focus on investments in the energy sector.
HNB Investment Bank said it plans to launch a wealth management offering by the end of the year to provide investors with customized financial solutions. The institution is open to collaborating with financial technology companies and expects to make significant investments in the sector in the future.
