UB Finance relaunches Rathnapura branch with new branding | |||||||||
UB Finance PLC, a subsidiary of Union Bank passed another significant milestone with its newly expanded and refurbished Rathnapura Branch located at no.105/1, Colombo Road, Rathnapura, on 4 November. This new spacious branch premises provides its clients easy access and allows customers to experience a comfortable environment to carry out their financial transactions. UBF offers its valued customers a wide range of customised and personalised financial solutions including investment solutions such as fixed deposits and savings; financial solutions in the form of leasing, hire purchase, term loans and gold loans as well as working capital solutions through factoring. At the opening ceremony, UB Finance Chief Executive Officer Ransith Karunaratne commended the recent infrastructure developments that have taken place in the Rathnapura and surrounding areas and encouraged the community to take advantage of these developments to further enhance their economic status. He stressed on the company’s focus to consistently deliver on its brand promise of providing its customers the versatility of a finance company backed by a bank and invited the community of Rathnapura and its fast-developing suburbs to join hands with UBF, which is ready to partner this growth.
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UB Finance expands board of directors | |||||||||
UB Finance PLC has appointed Dilshan Rodrigo and Prof. Ajantha Dharmasiri to its director board. Rodrigo was appointed as Director/Chief Executive Officer of Union Bank of Colombo PLC in August 2024. He brings over two decades of banking experience, having held senior positions across various sectors, including banking, insurance, investment banking and apparel.
Before joining Union Bank, Rodrigo served as Executive Director/Chief Operating Officer at Hatton National Bank (HNB), where he oversaw all support function. He has also held numerous directorships at prominent companies such as HNB Assurance PLC, Guardian Acuity Management Ltd and served as Chairman of HNB Finance PLC and Lanka Financial Services Bureau.
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Mohan joins UB Finance Board | |||||||||
Mohan J. Ratnayake has been appointed as an Independent Non-Executive Director on the Board of UB Finance Plc.
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UBF opens Premier Business Centre in Colombo 04 |
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UB Finance, a leading provider of financial services, is proud to announce the grand opening of its highly anticipated Premier Branch, marking a significant milestone in its commitment to delivering unparalleled service and expertise to its valued clients. |
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Appointment of Chairman and Director to UB FINANCE PLC | |||||||||
Following the strategic investment by CG Capital Partners Pte Ltd (CGC) in Union Bank of Colombo PLC (UBC), UB Finance PLC (UBF) a ninety percent owned subsidiary of UBC recently made two key appointments to its Board of Directors, engaging Mr. Malay Mukherjee as the Chairman and Mr. Sanjay Pokhrel as a Non-Independent Director. CG Capital Partners Pte Ltd is an integral part of CG Corp Global (CG), an established conglomerate since 1935 with its Headquarters in Dubai. CG proudly stands as a leading multinational in Asia, operating across 35 countries, overseeing 160 companies, 123 brands and employing over 15,000 individuals. The Group's diverse portfolio spans various industries, including banking & finance, food & beverage, hospitality, real estate, education, consumer electronics, cement, hydro power, telecommunication and Infrastructure. With a notable presence in the financial services sector, CG is a significant player in Nepal, where Nabil Bank, of which CG is the largest shareholder, is listed as the largest private bank on the Nepalese Stock Exchange. Mr. Mukherjee brings a distinguished career in banking amassing over 42 years of experience with a focus on Risk, Audit and IT. Holding a Master of Science (MSc) in Physics from Banaras Hindu University India, he has been awarded an Honorary Fellowship in Banking and Finance from the Indian Institute of Banking and Finance India. He currently serves as a Director of Nabil Bank Limited Nepal, an Independent Director for Shivalik Small Finance Bank India and Dilip Buildcon Limited India, Mr. Mukherjee also acts as a Consultant to the Asian Development Bank. His extensive professional history includes roles such as Managing Director and Chief Executive Officer of IFCI Limited India, Executive Director of Central Bank of India, and General Manager overseeing the Risk Management and Technology Management Departments at Indian Bank in Chennai India. Mr. Mukherjee has held leadership positions on various boards, including Chairman roles for entities such as Management Development Institute, Institute of Leadership Development, IFCI Factors Limited, IFCI Infrastructure Development Limited, Tourism Finance Corporation of India Limited, IFCI Financial Services Limited, IFCI Venture Capital Funds Limited and Stock Holding Corporation of India Limited. He was also a member of the Governing Body of Entrepreneurship Development Institute of India. Mr. Sanjay Pokhrel is a seasoned CFA and Chartered Accountant specializing in Investment Management, Mergers & Acquisitions and Asset Management, he currently serves as the Head of Mergers & Acquisitions at CG in Dubai. In this role he leads investment processes, co-leads fundraising initiatives, oversees asset management functions, directs venture capital investments and monitors the secondary market investment portfolio. His diverse experience extends to leading ventures such as Nepal Social Business, CG Pay, and CG's recently launched FTTX business. Prior to joining CG, Mr. Pokhrel served as an Investment Officer at One to Watch Nepal Pvt. Ltd., an impact investment management company focused on early-stage Nepalese businesses. |
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UB Finance to list on the CSE |
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UB Finance Company Limited (UBF or Company), a subsidiary of Union Bank of Colombo PLC would be the latest addition to the Colombo Stock Exchange (CSE) as it plans to carry out an Initial Public Offering (IPO) of 55Mn ordinary voting shares at LKR 1/- per share. The IPO is scheduled to open on 20th July 2023 and is a prime opportunity to invest in a Licensed Finance Company (LFC) backed by a Licensed Commercial Bank. The Company is set to debut on the Diri Savi Board of the CSE subject to compliance with the CSE Listing rules and will be one of the first IPOs post announcing of the local debt restructuring framework. The issue will be managed by NDB Investment Bank Limited (NDBIB). The Company embarked on the listing process in compliance with the Central Bank of Sri Lanka (CBSL) requirement for all LFCs to be listed on the CSE. In 2021, UBF successfully raised LKR 1.99Bn via a rights issue to strengthen the Company’s Balance Sheet and meet the revised capital thresholds set out by the CBSL. The Company has a high capitalisation ratio with an unimpaired core capital of LKR 2.54Bn and a Tier 1 Capital Adequacy Ratio and Total Capital Adequacy Ratio of 31.07% and 31.07% respectively as at 31st March 2023 comfortably exceeding CBSL thresholds. The Company has established itself as a leading LFC in the financial services space since its acquisition in 2011 by Union Bank of Colombo PLC together with its strategic investment partner ShoreCap II Limited (a US-based social impact fund). UBF specializes in asset-backed financing for SMEs, successfully catering to its customers’ diverse needs with an extensive range of financial products and services, including fixed deposits, savings, leasing, loans, mortgages, easy drafts, real estate, gold loan solutions etc. The Company’s contribution towards serving the non-banked space of the economy is notably influenced by the social impact mindset of UBF’s second largest shareholder, ShoreCap II Limited. Fitch Ratings recently assigned UBF a first time National Long-Term Rating of ‘BB (lka)’ (RWN). Drawing from the corporate governance practices and financial strength of its two major shareholders, the Company operates on the basis of integrity and customer empowerment, creating new opportunities and delivering unique customer experiences through its 17 branches and multiple customer - dealer touch points across the island. In line with the financial and economic restructuring of Sri Lanka, UBF remains committed to its vision of being “A Preferred Financial Services Provider” fostering growth for SMEs and contributing to the economic development of the country. |
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UB Finance announces appointment of new chairman and board members |
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UB Finance, a subsidiary of Union Bank of Colombo PLC, has announced the appointment of Mr. Atul Malik as the new Chairman with effect from 03rd June 2021. Mr. Malik succeeds Mr. Alexis Lovell MBE who stepped down from his position as Chairman of UB Finance, having served a term of 9 years. The Company also announced the appointments of Mr. Michael J O'Hanlon and Mr. Moahan Balendra as Non Executive Directors and Mr. Chandrakumar Ramachandra, who has served on the Board for 7 years, as the Senior Director. |
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UB Finance Co. Ltd. one of the highest capitalized finance companies in Sri Lanka UB Finance Co. Ltd. a subsidiary of Union Bank of Colombo PLC successfully concluded a Rights Issue to raise approx. LKR 2 Billion to strengthen the Company’s Balance Sheet and meet the revised capital thresholds set out by the Central Bank of Sri Lanka. |
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UB Finance Co. Ltd. BB rating reaffirmed by ICRA Lanka ICRA Lanka Limited a group company of Moody’s Investment Service reaffirmed the UB Finance Co. Ltd. issuer rating of SL (BB) with a negative outlook. The Company is looking at a significant capital infusion by a multinational investor and is confident in further strengthening its position going forward. |
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The Wheels of Fortune Ransith Karunaratne weighs the pros and cons of the financial services industry Having enjoyed consistent year on year growth for almost a decade, the financial services industry slowed down considerably in 2018 and 2019. And as Ransith Karunaratne states, “there is a direct correlation between the macroeconomy and financial services, and the slowdown in economic activity has adversely impacted the industry.” MORE >> |
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UB Finance Company limited, a subsidiary of Union Bank of Colombo PLC backed by their US based strategic investment partner ShowCap II, has expanded its trade-related portfolio by offering Factoring and Working Capital Solutions to small and medium enterprises. MORE >> |
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Latest acquisition of Sri Lanka's premier financial institution, Union Bank of Colombo PLC along with its international strategic investment partner Shore Cap II Ltd (USA) formed UB Finance Company Ltd (UBF) in the end of the year 2011. |
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UB FINANCE Endeavours to Deliver a Unique Proposition of Economic and Social Value UB Finance Co, which was formed with the acquisition of The Finance & Guarantee Co Ltd by Sri Lanka’s premier financial institution, Union Bank of Colombo PLC and its international strategic investment partner, ShoreCap II Ltd. has become the latest entrant to the world of finance in Sri Lanka. This significant move with a capital infusion of Rs 1.1 billion has established UB Finance as the only finance company to be backed by a commercial bank in the private sector in Sri Lanka highlighting a positive outlook for all stakeholders of the company in delivering a sustainable and mutually benefitting partnership. MORE >> |
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