Union Bank gears for new phase of growth

Union Bank of Colombo PLC (UBC) in a media release said that 2014 marked a year of change in its 20-year history having received a significant capital infusion of Rs. 11.4 billion from Culture Financial Holdings, an affiliate of TPG, one of the largest private global investment firms.

This investment is one of the largest FDIs to Sri Lanka in recent times. UBC is well positioned for its next phase of growth with one of the highest Capital Adequacy Ratios of 41.47% in the industry.

Director and CEO, UBC, Indrajit Wickramasinghe said, “With a solid foundation, supported by financial stability and global expertise, UBC is redesigning itself as a full-fledged commercial bank and is today geared to focus on a bold new world of opportunities and growth."

"Following the TPG investment, the Bank reconstituted its Board of Directors and strengthened its management team and is putting in place the necessary resources needed to focus on its new aspirations."