Union Bank of Colombo
|Industry||Banking, Financial services|
|Founded||2 February 1995|
|Headquarters||Colombo, Sri Lanka|
|Atul Malik (Chairman) |
Indrajit Wickramasinghe (CEO)
|Services||Retail banking, Corporate banking, SME banking|
Number of employees
|Over 1200+ (2017)|
|Parent||Culture Financial Holdings|
Union Bank of Colombo PLC (Sinhalese: යුනියන් බැංකුව, Yuniyan bæṁkuva / Tamil: யூனியன் பாங்க் ஒவ் கொழும்பு பிஎல்சி, Yūṉiyaṉ pāṅk ov koḻumpu pi'elci), 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.
Union Bank of Colombo PLC 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. As of 31 October 2017[update], the bank operated 66 branches and 121 automatic teller machines (ATM) across the island nation. The bank offers a range of products and services to Retail, SME and Corporate segments.
UBC was established in 1995 as the eighth indigenous commercial bank with DFCC Bank, The Great Eastern Life Assurance Company Limited as its founding shareholders. The bank's shares were listed on the Colombo Stock Exchange in March 2016 after an initial public offering that was oversubscribed by 350 percent. The IPO was to enable the Bank to comply with the Central Bank Capital Adequacy norms.
In 2014 TPG Group, a 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.
- National Asset Management Limited (51% shareholding), an asset management company in Sri Lanka offering unit trusts and private portfolios for institutional investors and individual clients.
- UB Finance Company Limited (66.17% shareholding), a finance company offering finance services such as accepting deposits, maintaining savings accounts, lease financing, hire purchase, vehicle loans, mortgage loans, pawning, factoring, working capital financing and real estate.
|Rank||Name of Owner||Percentage Ownership|
|1||Culture Financial Holdings||70.00|
|2||Vista Knowledge Pte Limited||5.93|
- "About us - Union Bank of Colombo". Retrieved 2016-11-01.
- "Licensed Commercial Banks (As at 01st March 2016)". Central Bank of Sri Lanka. Retrieved 22 September 2016.
- "UBC investor presentation" (PDF). Retrieved 2016-11-01.
- "UBC 2015 Annual Report" (PDF). UBC. 2015-12-31. Retrieved 2016-11-02.
- Union Bank of Colombo IPO Prospectus. Union Bank of Colombo. 2011.
- "Union Bank IPO scores 350 times!". 4 March 2011. Retrieved 2016-11-01.
- "TPG to invest US $ 117mn in Union Bank". Mirror Business. 2014-08-15. Retrieved 2016-11-01.
- "Union Bank gets Rs. 11.42 b capital infusion from TPG Group". 30 September 2014. Retrieved 2016-11-02.
- "Union Bank's PAT 415M in first 9 months". Ceylon Today. 2016-10-27. Retrieved 2016-11-01.
- "UBC Milestones". UBC. Retrieved 2016-11-01.
- "UBC Board of Directors". UBC. Retrieved 2016-11-02.