Union Bank of Colombo

Union Bank of Colombo PLC
Native name
යුනියන් බැංකුව
யூனியன் வங்கி
Public
Industry Banking, Financial services
Founded 2 February 1995 (1995-02-02)
Headquarters Colombo, Sri Lanka
Area served
Sri Lanka
Key people
Jayendra Nayak (Chairman)
Indrajit Wickramasinghe (CEO)
Services Retail banking, Corporate banking, Investment banking
Number of employees
241 (2015)
Parent Culture Financial Holdings
Website www.unionb.com


Union Bank of Colombo PLC, Yuniyan bæṁkuva (යුනියන් බැංකුව) in Sinhala and Yūṉiyaṉ pāṅk ov koḻumpu pi'elci (யூனியன் பாங்க் ஒவ் கொழும்பு பிஎல்சி) in Tamil, commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.[1][2]

Overview

Union Bank of Colombo is one of the top five banks in Sri Lanka in market capitalization as well as one of the country's fastest growing Financial Services Groups.[3] As of 31 December 2015 the bank operated 64 branches and 102 automatic teller machines (ATM) across the island nation.[3] The bank offers a range of products and services to Retail, SME and Corporate segments.[4]

History

UBC was established in 1995 as the eight indigenous commercial bank[1] with DFCC Bank, The Great Eastern Life Assurance Company Limited as its founding shareholders.[5] The bank's shares were listed on the Colombo Stock Exchange in March 2016 after an initial public offering[5] that was oversubscribed by 350 percent.[6] The IPO was to enable the Bank to comply with the Central Bank Capital Adequacy norms.[6]

In 2014 TPG Group, a leading USA based private investment firm with over US$ 70 Billion of assets, acquired 70 percent of the issued share capital of UBC through its subsidiary, Culture Financial Holdings. The deal was valued at US$ 117 million and was at the time one of the largest foreign direct investments in Sri Lanka's financial sector.[7]

Subsidiaries

Other than its banking business, Union Bank of Colombo provides additional financial services through its two subsidiaries:[8][9]

Ownership

The stock of Union Bank of Colombo is listed on the Colombo Stock Exchange under the ticker symbol "UBC" As of December 2015 the largest shareholders in the bank's stock were as depicted in the table below:[4]

Union Bank of Colombo Stock Ownership
Rank Name of OwnerPercentage Ownership
1Culture Financial Holdings70.00
2Vista Knowledge Pte Limited5.93
3Others 24.07
Total100.00

Note

Governance

UBC is governed by a twelve-person board of directors with Jayendra Nayak as the Chairman and Indrajit Wickramasinghe as the Chief executive officer.[11]

See also

References

  1. 1 2 "About us - Union Bank of Colombo". Retrieved 2016-11-01.
  2. "Licensed Commercial Banks (As at 01st March 2016)". Central Bank of Sri Lanka. Retrieved 22 September 2016.
  3. 1 2 "UBC investor presentation" (PDF). Retrieved 2016-11-01.
  4. 1 2 3 4 "UBC 2015 Annual Report" (PDF). UBC. 2015-12-31. Retrieved 2016-11-02.
  5. 1 2 Union Bank of Colombo IPO Prospectus. Union Bank of Colombo. 2011.
  6. 1 2 "Union Bank IPO scores 350 times!". 4 March 2011. Retrieved 2016-11-01.
  7. "TPG to invest US $ 117mn in Union Bank". Mirror Business. 2014-08-15. Retrieved 2016-11-01.
  8. "Union Bank's PAT 415M in first 9 months". Ceylon Today. 2016-10-27. Retrieved 2016-11-01.
  9. "UBC Milestones". UBC. Retrieved 2016-11-01.
  10. "Union Bank gets Rs. 11.42 b capital infusion from TPG Group". 30 September 2014. Retrieved 2016-11-02.
  11. "UBC Board of Directors". UBC. Retrieved 2016-11-02.

External links

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