Union Bank of Colombo PLC (Sinhalese: ??????? ??????, Yuniyan bæ?kuva / Tamil: ??????? ?????? ??? ???????? ???????, Y??iya? p??k ov ko?umpu pi'elci), commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.
Video Union Bank of Colombo
Overview
Union Bank of Colombo PLC is one of the top five banks in Sri Lanka in market capitalization as well as one of the country's fastest growing Financial Services Groups. As of 31 October 2017, the bank operated 66 branches and 121 automatic teller machines (ATM) across the island nation. The bank offers a range of products and services to Retail, SME and Corporate segments.
Maps Union Bank of Colombo
History
UBC was established in 1995 as the eighth indigenous commercial bank with DFCC Bank, The Great Eastern Life Assurance Company Limited as its founding shareholders. The bank's shares were listed on the Colombo Stock Exchange in March 2016 after an initial public offering that was oversubscribed by 350 percent. The IPO was to enable the Bank to comply with the Central Bank Capital Adequacy norms.
In 2014 TPG Group, a USA based private investment firm with over US$70 billion of assets, acquired 70 percent of the issued share capital of UBC through its subsidiary, Culture Financial Holdings. The deal was valued at US$117 million, and was at the time one of the largest foreign direct investments in Sri Lanka's financial sector.
Subsidiaries
Other than its banking business, Union Bank of Colombo provides additional financial services through its two subsidiaries:
- National Asset Management Limited (51% shareholding), an asset management company in Sri Lanka offering unit trusts and private portfolios for institutional investors and individual clients.
- UB Finance Company Limited (66.17% shareholding), a finance company offering finance services such as accepting deposits, maintaining savings accounts, lease financing, hire purchase, vehicle loans, mortgage loans, pawning, factoring, working capital financing and real estate.
Ownership
The stock of Union Bank of Colombo PLC is listed on the Colombo Stock Exchange under the ticker symbol "UBC". As of December 2015, the largest shareholders in the bank's stock were:
Governance
UBC is governed by a twelve-person board of directors with Atul Malik as the Chairman and Indrajit Wickramasinghe as the chief executive officer.
See also
- List of banks in Sri Lanka
- Central Bank of Sri Lanka
References
External links
- Union Bank of Colombo
- Website of Central Bank of Sri Lanka
Source of the article : Wikipedia
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