UB Finance to boost SME growth

UB Finance will open avenues to improve the SME sector and the personal aspirations and lifestyles of the people, UB Finance Ltd, Chairman Alexis Lovell told the Annual General Meeting of the company at the Post Graduate Institute of Management recently.

He highlighted the progress made by the company during the financial year, in terms of asset and revenue growth and profitability. The company made a profit before taxation (PBT) of Rs 146 million and a profit after tax (PAT) of Rs 92 million. Lovell said that the company is committed to achieving its vision of being Sri Lanka's preferred financial services solutions provider.

He said the ground breaking investment in Union Bank of Colombo PLC by one of the leaders in global equity, TPG Asia VI L.P., taking a controlling interest in the bank has make it the fifth largest bank in terms of equity in Sri Lanka. With this investment, the Union Bank Group, which includes Union Bank, UB Finance and NAMAL, is poised to make serious inroads into the financial services sector.

In response to a concern raised by some of the Non Voting shareholders with regard to listing the company on the Colombo Stock Exchange, the Chief Executive Officer Ransith Karunaratne said that in addition to the restructuring of the company, the Management is committed to resolving this matter expeditiously. He said that the major obstacle in expediting the listing was the erroneous Non Voting Shareholder Register handed over by the previous management and that the new management has taken numerous steps to rectify the register.

This matter is pending in the Commercial High Court of Colombo. Upon closure of same, the company looks forward to a successful listing on the Colombo Stock Exchange.