Rs. 1.6 billion capital infusion to UB Finance

Saturday, 17 October 2020 00:10 -     - {{hitsCtrl.values.hits}}

UB Finance Co. Ltd., a subsidiary of Union Bank of Colombo PLC, said yesterday it has committed to a rights issue amounting to Rs. 1.6 billion to strengthen its balance sheet and meet the capital guidelines of the Central Bank by 31st December 2020.

The company said it had recorded significant growth since its acquisition by Union Bank of Colombo PLC in 2011 and has established itself as a premier financial services provider in the country.

“Despite the challenges faced by the financial services sector due to the COVID-19 pandemic, the management is optimistic about the future of Sri Lanka as a commercial, financial and transshipment hub and is geared with innovative products and technological platforms to leverage on and support this economic growth,” UB Finance said in its statement.