Sri Lanka, June 19 -- Softlogic Life Insurance PLC yesterday announced it has signed a share purchase agreement to acquire a 60 percent stake in Bangladesh-based Diamond Life Insurance Company Limited for approximately US$1.9 million, marking the Sri Lankan insurer's entry into the Bangladesh life insurance market.
The company disclosed to the Colombo Stock Exchange (CSE) that the acquisition forms part of its regional expansion strategy and would provide a foothold in one of South Asia's largest and fastest-growing insurance markets.
"The acquisition is in line with the Company's regional expansion strategy and represents entry into the Bangladesh life insurance market," Chairman Ashok Pathirage said in the filing.
The company said furt...