TPG exits from Union Bank of Colombo

• Sells out from Culture Financial Holdings which owns 71% in Lankan bank; CG Capital Partners Global of S’pore is new owner

TPG Asia VI SF Ltd., has exited from the controlling ownership of the Union Bank of Colombo, as per a filing to the Colombo Stock Exchange.

TPG held 100% stake in Culture Financial Holdings Ltd. of Singapore which in turn holds 71% stake in UBOC.

TPG has entered into a share sale and purchase agreement for the sale of the entirety of the shares held by TPG Asia VI SF Ltd. in Culture Financial Holdings Ltd. to CG Capital Partners Global ltd. a private company incorporated under the laws of Singapore.

The completion of the transaction is subject to several conditions’ precedent, including regulatory approvals, according to the filing by UBOC to the CSE.

According to industry sources, the advisor to the TPG on this deal was Asia Securities.

UBOC share yesterday gained by one rupee or 13.3% to close at Rs. 8.50.

The public float of UBOC is 29% held by 29,000 shareholders as at 30 September 2022.