Union Bank opens in Piliyandala

Monday, 16 May 2011 02:15 - - {{hitsCtrl.values.hits}}

Union Bank opened its newest branch in Piliyandala last week with Priyantha Fernando, Deputy Governor of the Central Bank of Sri Lanka as the chief guest.

Senior Director, Asoka De Silva and Director / CEO of Union Bank Piliyandala, Anil Amarasuriya were also present at the opening of the 26th branch of Union Bank which highlights the rapid growth of its network.

Central Bank Deputy Governor Priyanatha Fernando lighting the oil lamp. Anil Amarasuriya, Director/CEO, Nilanth De Silva Chief Operating Officer and Beverley Labrooy, Vice President Int’l and Business Development of Union Bank are also present

The new branch is located at No. 71, Moratuwa Road, Piliyandala. Residents of Piliyandala now can take advantage the Bank’s comprehensive product portfolio delivered through exceptional customer service for which the bank is synonymous for.

Addressing the gathering, Fernando stated “that with the predicted high economic growth rates of around 8.5%, the banking and finance sector will drive the country’s way forward, mobilising the necessary funds and disbursing loans to borrowers in a timely manner. This will enable every economically active citizen of Sri Lanka to grab the opportunity to play an active part in the country’s economic growth. He further stated that Union Bank has leveraged on its strong financial position and has comfortably surpassed the regulatory requirements of 2.5 bn on capital adequacy placed by CBSL and is already nearing the 5 bn mark required by 2015. The higher capital requirement enables more space to continue bank operations safely and to remain steady and resilient even during economic crisis. With an ambitious expansion plan and a new strategic initiative, Union Bank will enhance its competitiveness and the Bank is in a good position to meet the future challenges of a very competitive market place that will contribute towards the prosperity of customers.

Union Bank has taken the initiative to ensure the growth of the Small and Medium Enterprises, remaining flexible to their needs. Union Bank’s focus on the SME sector gives the Bank an edge in a competitive market as a bank small enough to offer the kind of flexibility to the growing SME customers’ need and large enough to fuel their growth to greater heights. SME sector of today becomes the large corporations of tomorrow whose expansion and sustainability depends on reliable banking services provided from the inception. Having created history with its heavily over-subscribed IPO and an historic performance in it Q1 performance in the current year, Union Bank plans to consolidate the momentum gained, in its plans for the future. As the Bank enters a new phase of growth and utilises opportunities in a post-war scenario in Sri Lanka, it remains confident of blazing new trials in a sector recognised widely as a key stake holder in the country’s burgeoning economy.