Union Bank of Colombo
 | |
Native name | යුනියන් බැංකුව யூனியன் வங்கி |
|---|---|
| Company type | Public |
| CSE: UBC.N0000 | |
| ISIN | LK0306N00007 |
| Industry |
|
| Founded | 2 February 1995 |
| Headquarters | , Sri Lanka |
Area served | Sri Lanka |
Key people |
|
| Services | |
| Revenue |  LKR21.092 billion (2022) |
| LKR8.845 billion (2022) | |
 LKR422 million (2022) | |
| Total assets | LKR136.679 billion (2022) |
| Total equity | LKR19.016 billion (2022) |
| Owner |
|
Number of employees | 1,164 (2022) |
| Parent | Culture Financial Holdings Ltd |
| Subsidiaries |
|
| Website | www |
| Footnotes / references [1] | |
Union Bank of Colombo PLC (Sinhala: යුනියන් බැංකුව, romanized: Yuniyan bæṁkuva; Tamil: யூனியன் பாங்க் ஒவ் கொழும்பு பிஎல்சி, romanized: Yūṉiyaṉ pāṅk ov koḻumpu pi'elci), 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.[2][3]
Overview
[edit]Union Bank of Colombo PLC 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.[4] As of 31 October 2017[update], the bank operated 66 branches and 121 automatic teller machines (ATM) across the island nation.[4] The bank offers a range of products and services to Retail, SME and Corporate segments.[5]
History
[edit]UBC was established in 1995 as the eighth indigenous commercial bank[2] with DFCC Bank, The Great Eastern Life Assurance Company Limited as its founding shareholders.[6] The bank's shares were listed on the Colombo Stock Exchange in March 2016 after an initial public offering[6] that was oversubscribed by 350 percent.[7] The IPO was to enable the Bank to comply with the Central Bank Capital Adequacy norms.[7]
In 2014 TPG Group, a 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.[8][9]
Subsidiaries
[edit]Other than its banking business, Union Bank of Colombo provides additional financial services through its two subsidiaries:[10][11]
- 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.[5]
- UB Finance Company Limited (66.17% shareholding), a finance company offering financial services such as accepting deposits, maintaining savings accounts, lease financing, hire purchase, vehicle loans, mortgage loans, pawning, factoring, working capital financing and real estate.[5]
Ownership
[edit]The stock of Union Bank of Colombo PLC is listed on the Colombo Stock Exchange under the ticker symbol "UBC". As of December 2015[update], the largest shareholders in the bank's stock were:[5]
| 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 |
Governance
[edit]As of 2 October 2024, a nine-member board of directors governs the UBC, chaired by Dinesh Weerakkody and with Dilshan Rodrigo as Chief executive officer.[12][13][14]
See also
[edit]
References
[edit]- ^ "Annual Report 2022" (PDF). cse.lk. Union Bank of Colombo PLC. Retrieved 1 May 2023.
- ^ a b "About us - Union Bank of Colombo". Retrieved 1 November 2016.
- ^ "Licensed Commercial Banks (As at 01st March 2016)". Central Bank of Sri Lanka. Retrieved 22 September 2016.
- ^ a b "UBC investor presentation" (PDF). Retrieved 1 November 2016.
- ^ a b c d "UBC 2015 Annual Report" (PDF). UBC. 31 December 2015. Retrieved 2 November 2016.
- ^ a b Union Bank of Colombo IPO Prospectus. Union Bank of Colombo. 2011.
- ^ a b "Union Bank IPO scores 350 times!". 4 March 2011. Retrieved 1 November 2016.
- ^ "TPG to invest US $ 117mn in Union Bank". Mirror Business. 15 August 2014. Retrieved 1 November 2016.
- ^ "Union Bank gets Rs. 11.42 b capital infusion from TPG Group". 30 September 2014. Retrieved 2 November 2016.
- ^ "Union Bank's PAT 415M in first 9 months". Ceylon Today. 27 October 2016. Retrieved 1 November 2016.
- ^ "UBC Milestones". UBC. Retrieved 1 November 2016.
- ^ "Union Bank appoints Dilshan Rodrigo as new CEO". Daily FT. 16 August 2024. Archived from the original on 16 August 2024. Retrieved 16 August 2024.
- ^ "Dinesh Weerakkody new Chairman at Union Bank". Daily FT. 2 October 2024. Archived from the original on 2 October 2024. Retrieved 2 October 2024.
- ^ "Board of Directors". Union Bank. 1 October 2024. Archived from the original on 2 October 2024. Retrieved 2 October 2024.
