Union Bank to commence Primary Dealer operations

Tuesday, 30 September 2014 00:01 - - {{hitsCtrl.values.hits}}

The Union Bank of Colombo PLC (UBC) yesterday announced that the bank has been appointed as a Primary Dealer in Government Securities by the Central Bank of Sri Lanka. UBC will commence its business as a Primary Dealer on 1 October. As a Primary Dealer, Union Bank will participate directly in Primary Auctions conducted by the Central Bank of Sri Lanka in order to bid for Treasury Bills, Bonds and other Government Securities. Union Bank’s Primary Dealer Unit will also act as an intermediary in corporate bonds and debentures and will assist in developing the secondary market in corporate debt in the future.

“The appointment of UBC as a Primary Dealer highlights our commitment to further strengthen our position in the Government Securities markets and assist the bank to further enhance its portfolio of financial solutions to its customers,” stated Isuru Pethiyagoda, Chief Manager – Primary Dealer Unit of UBC. He further stated that it is a privilege to be associated with the Central Bank’s Public Debt Department partnering in raising and distributing Government debt. As a Primary Dealer, Union Bank will engage, promote and develop a secondary market in Treasury Bill/Bonds and other Government Securities, whilst providing an enhanced platform to attract new customers, markets and businesses. Union Bank also looks forward to introducing new products and services relating to Government Securities in the future with the assistance and support of our regulator, the Public Debt Department. Union Bank is one of Sri Lanka’s fastest growing banks focusing on the Small and Medium Enterprises and retail sectors. Union Bank’s recent investment agreement for $ 117 m with TPG, a leading global private investment firm with $ 60 b assets under management, marks a milestone as one of the largest Foreign Direct Investments to Sri Lanka in the recent years. This investment has placed UBC in second place in stated capital amongst banks in Sri Lanka and within the top five private banks in equity.