Union Bank gears for an exciting future

The Union Bank of Colombo, with an ambitious five year Strategic Plan, is making rapid progress into the future. Backed by a high-powered Board of Directors and Management Team, the Bank has received commitments for an additional equity capital of Rs. 2 billion and is set to join hands with several new foreign investors in achieving its objective of becoming one of Sri Lanka’s topmost financial services organisations.

Genting Berhad, the Malaysian conglomerate engaged in leisure and hospitality, and USA based fund Shorecap would be strategic investors in Union Bank. Ajita de Zoysa, Chairman of Union Bank said, ‘This investment demonstrates the solidity and strength of Union Bank. Genting Group is Malaysia’s leading Multinational Corporation and one of Asia’s best-managed companies.’

‘A significant factor enabling Union Bank to raise new capital is the safe and viable environment for investment created by the progressive financial and economic policies being adopted by the Government.

With the end of the conflict and the prevailing peaceful conditions, Sri Lanka’s sound financial markets, rapid economic development programmes and the immense resource base, will attract new investors globally, thus enabling Sri Lankan corporations to make rapid progress.

Sri Lanka today is being regarded as a favourable investment destination,’ de Zoysa said.