Union Bank to acquire TF&G
|
Ajita de Zoysa |
Union Bank of Colombo PLC (UBC) together with an international
foreign investment fund will acquire over 98 percent of the voting
shares of The Finance and Guarantee Company Ltd (TF&G), infusing new
capital to resurrect the business at a total investment in excess of RS
1.1b. Subsequent to creating history with its highest over subscription
for an IPO, this latest acquisition places Union Bank in the limelight
again with its focused diversification plans taking positive strides.
In a statement to the media Union Bank Chairman Ajita de Zoysa stated
that the Bank together with ShoreCap II Limited (SCII) USA, will invest
in excess of Rs 1.1b to recapitalise TF&G. |
