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. |