Union Bank of Colombo PLC ( si, යුනියන් බැංකුව, Yuniyan bæṁkuva; ta, 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 of Sri Lanka ( CBSL; si, ශ්‍රී ලංකා මහ බැංකුව, Sri Lanka Maha Bankuwa) is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), it is a ...

, the central bank and national banking regulator.

Overview

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. , the bank operated 66 branches and 121

automatic teller machines An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fund ...

(ATM) across the island nation. The bank offers a range of products and services to Retail, SME and Corporate segments.

History

UBC was established in 1995 as the eighth indigenous commercial bank with

DFCC Bank DFCC Bank was set up in 1955 as Sri Lanka's a pioneer development finance institution on the recommendation of the World Bank and is one of the oldest development banks in Asia. In October 2015, DFCC Bank and its 99% owned subsidiary, DFCC Vardha ...

, 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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

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 of assets, acquired 70 percent of the issued share capital of UBC through its subsidiary, Culture Financial Holdings. The deal was valued at , and was at the time one of the largest foreign direct investments in Sri Lanka's financial sector.

Subsidiaries

Other than its banking business, Union Bank of Colombo provides additional financial services through its two subsidiaries: * 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 financial services such as accepting deposits, maintaining savings accounts, lease financing, hire purchase, vehicle loans, mortgage loans, pawning, factoring, working capital financing and real estate.

Ownership

The stock of Union Bank of Colombo PLC is listed on the

Colombo Stock Exchange The Colombo Stock Exchange (CSE) ( si, කොළඹ ව්‍යාපාර වස්තු හුවමාරුව, translit=Kolamba Vyapara Vasthu Huvamaruva; ta, கொழும்பு பங்கு பரிவர்த்தனை) i ...

under the ticker symbol "UBC". , the largest shareholders in the bank's stock were:

Governance

A twelve-person board of directors governs UBC with Atul Malik as the Chairman and Indrajit Wickramasinghe as the

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

References

External links

Official website of Union Bank of Colombo
{{All Share Price Index Banks of Sri Lanka Banks established in 1995 1995 establishments in Sri Lanka Companies listed on the Colombo Stock Exchange Sri Lankan companies established in 1995