By Ishara Gamage
Ceylon Finance Today: UB Finance Co Ltd, a subsidiary of Union Bank, is planning to tie up with the new foreign partner to expand its business, a senior official told Ceylon FT.
"They are willing to invest up to two billion rupees and negotiations are currently under way", the official said.
"This new investment is a part of our Colombo Stock Exchange listing process," he revealed.
Actually, TPG Capital (Major shareholder of Union Bank) is willing to invest it, but pooling knowledge is great advantage for us where we can have access to expertise, he remarked.
UB Finance Co, licensed by the Central Bank of Sri Lanka is currently providing range of financial services that include Fixed Deposits, Savings, Real Estate, Leasing, Hire Purchase, Loans Factoring and Pawning Solutions. Their services are mostly catering to small and medium enterprises.
The company was formed by Union Bank of Colombo PLC and its international strategic investment partner, Shore Cap II Ltd with a Rs 1.1 billion rupee capital infusion.
They have rescued thousands of customers who were victimized by the collapse of the Ceylinco regime.
Incorporated in 1961, it had previously belonged to the Ceylinco Group.
The Board of Directors of UB Finance is led by Chairman, Alexis Lovell, Chairman of Union Bank of Colombo. Ananda Atukorala – Deputy Chairman, Jit Warnakulasuriya, Daman Panditharatne, Davis Golding, Malinda Samaratunga, Ajith Wijeyesekera, Upali Wijeyesekera, Rohendra Wijeyesekera and Nalin Fernando.
www.ceylontoday.lk
"They are willing to invest up to two billion rupees and negotiations are currently under way", the official said.
"This new investment is a part of our Colombo Stock Exchange listing process," he revealed.
Actually, TPG Capital (Major shareholder of Union Bank) is willing to invest it, but pooling knowledge is great advantage for us where we can have access to expertise, he remarked.
UB Finance Co, licensed by the Central Bank of Sri Lanka is currently providing range of financial services that include Fixed Deposits, Savings, Real Estate, Leasing, Hire Purchase, Loans Factoring and Pawning Solutions. Their services are mostly catering to small and medium enterprises.
The company was formed by Union Bank of Colombo PLC and its international strategic investment partner, Shore Cap II Ltd with a Rs 1.1 billion rupee capital infusion.
They have rescued thousands of customers who were victimized by the collapse of the Ceylinco regime.
Incorporated in 1961, it had previously belonged to the Ceylinco Group.
The Board of Directors of UB Finance is led by Chairman, Alexis Lovell, Chairman of Union Bank of Colombo. Ananda Atukorala – Deputy Chairman, Jit Warnakulasuriya, Daman Panditharatne, Davis Golding, Malinda Samaratunga, Ajith Wijeyesekera, Upali Wijeyesekera, Rohendra Wijeyesekera and Nalin Fernando.
www.ceylontoday.lk
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