Union Bank gears for an exciting future
The Union Bank of Colombo, with an ambitious five year Strategic
Plan, is making rapid progress into the future. Backed by a high-powered
Board of Directors and Management Team, the Bank has received
commitments for an additional equity capital of Rs. 2 billion and is set
to join hands with several new foreign investors in achieving its
objective of becoming one of Sri Lanka’s topmost financial services
Genting Berhad, the Malaysian conglomerate engaged in leisure and
hospitality, and USA based fund Shorecap would be strategic investors in
Union Bank. Ajita de Zoysa, Chairman of Union Bank said, ‘This
investment demonstrates the solidity and strength of Union Bank. Genting
Group is Malaysia’s leading Multinational Corporation and one of Asia’s
‘A significant factor enabling Union Bank to raise new capital is the
safe and viable environment for investment created by the progressive
financial and economic policies being adopted by the Government.
With the end of the conflict and the prevailing peaceful conditions,
Sri Lanka’s sound financial markets, rapid economic development
programmes and the immense resource base, will attract new investors
globally, thus enabling Sri Lankan corporations to make rapid progress.
Sri Lanka today is being regarded as a favourable investment
destination,’ de Zoysa said.