Union Bank of Colombo
Native name |
යුනියන් බැංකුව யூனியன் வங்கி |
|---|---|
| Public | |
| Industry | Banking, Financial services |
| Founded | 2 February 1995 |
| Headquarters | Colombo, Sri Lanka |
Area served | Sri Lanka |
Key people |
Jayendra Nayak (Chairman) Indrajit Wickramasinghe (CEO) |
| Services | Retail banking, Corporate banking, Investment banking |
Number of employees | 241 (2015) |
| Parent | Culture Financial Holdings |
| Website |
www |
Union Bank of Colombo PLC, Yuniyan bæṁkuva (යුනියන් බැංකුව) in Sinhala and Yūṉiyaṉ pāṅk ov koḻumpu pi'elci (யூனியன் பாங்க் ஒவ் கொழும்பு பிஎல்சி) in Tamil, commonly referred to as UBC, is a commercial bank in Sri Lanka. It is licensed by the Central Bank of Sri Lanka, the central bank and national banking regulator.[1][2]
Overview
Union Bank of Colombo is one of the top five banks in Sri Lanka in market capitalization as well as one of the country's fastest growing Financial Services Groups.[3] As of 31 December 2015 the bank operated 64 branches and 102 automatic teller machines (ATM) across the island nation.[3] The bank offers a range of products and services to Retail, SME and Corporate segments.[4]
History
UBC was established in 1995 as the eight indigenous commercial bank[1] with DFCC Bank, The Great Eastern Life Assurance Company Limited as its founding shareholders.[5] The bank's shares were listed on the Colombo Stock Exchange in March 2016 after an initial public offering[5] that was oversubscribed by 350 percent.[6] The IPO was to enable the Bank to comply with the Central Bank Capital Adequacy norms.[6]
In 2014 TPG Group, a leading USA based private investment firm with over US$ 70 Billion of assets, acquired 70 percent of the issued share capital of UBC through its subsidiary, Culture Financial Holdings. The deal was valued at US$ 117 million and was at the time one of the largest foreign direct investments in Sri Lanka's financial sector.[7]
Subsidiaries
Other than its banking business, Union Bank of Colombo provides additional financial services through its two subsidiaries:[8][9]
- National Asset Management Limited - 51% shareholding - An asset management company in Sri Lanka offering unit trusts and private portfolios for institutional investors and individual clients.[4]
- UB Finance Company Limited - 66.17% shareholding - A finance company offering finance services such as accepting deposits, maintaining savings accounts, lease financing, hire purchase, vehicle loans, mortgage loans, pawning, factoring, working capital financing and real estate.[4]
Ownership
The stock of Union Bank of Colombo is listed on the Colombo Stock Exchange under the ticker symbol "UBC" As of December 2015 the largest shareholders in the bank's stock were as depicted in the table below:[4]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Culture Financial Holdings | 70.00 |
| 2 | Vista Knowledge Pte Limited | 5.93 |
| 3 | Others | 24.07 |
| Total | 100.00 |
Note
- Culture Financial Holdings is wholly owned subsidiary of TPG Group and is registered in the Cayman Islands.[10]
Governance
UBC is governed by a twelve-person board of directors with Jayendra Nayak as the Chairman and Indrajit Wickramasinghe as the Chief executive officer.[11]
See also
References
- 1 2 "About us - Union Bank of Colombo". Retrieved 2016-11-01.
- ↑ "Licensed Commercial Banks (As at 01st March 2016)". Central Bank of Sri Lanka. Retrieved 22 September 2016.
- 1 2 "UBC investor presentation" (PDF). Retrieved 2016-11-01.
- 1 2 3 4 "UBC 2015 Annual Report" (PDF). UBC. 2015-12-31. Retrieved 2016-11-02.
- 1 2 Union Bank of Colombo IPO Prospectus. Union Bank of Colombo. 2011.
- 1 2 "Union Bank IPO scores 350 times!". 4 March 2011. Retrieved 2016-11-01.
- ↑ "TPG to invest US $ 117mn in Union Bank". Mirror Business. 2014-08-15. Retrieved 2016-11-01.
- ↑ "Union Bank's PAT 415M in first 9 months". Ceylon Today. 2016-10-27. Retrieved 2016-11-01.
- ↑ "UBC Milestones". UBC. Retrieved 2016-11-01.
- ↑ "Union Bank gets Rs. 11.42 b capital infusion from TPG Group". 30 September 2014. Retrieved 2016-11-02.
- ↑ "UBC Board of Directors". UBC. Retrieved 2016-11-02.