Union Bank goes for leasing

by Elmo Leonard

Union Bank Ltd (UBL) in business for 11 years, last week, entered into leasing, with a range of new leasing services to offer.

At the launch, the UBL CEO, Mahendra Fernando said that having restructured its board of directors, three years ago, YoY the bank had improved its profits. UBL also became intent on attracting into its service, professionals from diverse backgrounds and disciplines, from home and overseas. With these moves in place, the bank was realising its ambition of being a stable, dynamic and innovative reserve.

UBL's senior manager leasing, Pushpika Jayasundera carries with him much experience in the field of leasing, Fernando said. Jayasundera said that the leasing services UBL offers, were far superior to that offered by others, with many additional features.

Jayasundera said that UBL's focus was on understanding its customer needs and delivering solutions that would cater to it. UBL's `Ulease' portfolio was aimed at a highly competitive market. "We have sought to present a total solution option to the corporate sector which has many packages to choose from," he said.

Some of the benefits, of Ulease, spelled out at the launch are: competitive interest rates; flexible repayment schemes; discounts on vehicles; leasing packages customised to suit individual budgets; special insurance packages; leasing packages for registered vehicles; quicker service and minimum documentation, among others.

Jayasundera told executives and professionals that the Union Executive lease package was designed for them. "Ulease understands your need for further benefit to yourselves and for your company, and will give you an edge over others," he said. The package covers, residual value leases, fixed leases, leases for registered vehicles, special insurance packages and "a bundle of other value added benefits".

The Union Corporate Lease product, is said to be in the best interest of each corporate body. "You will find our team developing tailor-made solutions that will keep your company's balance sheet smiling," Jayasundera said. "To ensure that there will be spin-off bonuses, Ulease has a network of supplies and other service providers to give you many attractive offers," Jayasundera said.

Union Machinery lease is another product, machinery and equipment being an important ingredient in developing enterprises. "We have fixes leases, stepped up leases, stepped down leases, balloon payment and various other solutions to suit your plan and income," Jayasundera, said.

UnionEx-Club, is another product. Ex-Club is claimed to be a sound consideration for corporate world big-wigs as well as the SME sector: "to join-in and give their executives a fringe benefit on leasing." This product offers, residual value leases; special insurance packages; special discounts on spare parts, service, repairs, information on vehicles from UBL dealer network and special discounts on selected vehicles.