Union Bank Finance announces Rs.1.6 billion rights issue

UB Finance Co. Ltd. a subsidiary of Union Bank of Colombo PLC is committing to a rights issue amounting to Rs.1.6 billion to strengthen its balance sheet and meet the capital guidelines of the Central Bank of Sri Lanka (CBSL) by 31st December 2020 as approved by the CBSL.

The company has recorded significant growth since its acquisition by Union Bank of Colombo PLC in 2011 and has established itself as a premier financial services provider in the island.

Despite the challenges faced by the financial services sector due to the COVID-19 pandemic, the management is optimistic about the future of Sri Lanka as a commercial, financial and transshipment hub and is geared with innovative products and technological platforms to leverage on and support this economic growth.