Union Bank of Colombo

Union Bank of Colombo PLC
Native name
යුනියන් බැංකුව
யூனியன் வங்கி
Company typePublic
CSE: UBC.N0000
ISINLK0306N00007
Industry
Founded2 February 1995; 29 years ago (1995-02-02)
Headquarters
Colombo
,
Sri Lanka
Area served
Sri Lanka
Key people
  • Dinesh Weerakkody (Chairman)
  • Dilshan Rodrigo (Chief Executive Officer)
Services
RevenueIncrease LKR21.092 billion (2022)
Increase LKR8.845 billion (2022)
Decrease LKR422 million (2022)
Total assetsIncrease LKR136.679 billion (2022)
Total equityIncrease LKR19.016 billion (2022)
Owner
  • Culture Financial Holdings Ltd (70.84%)
  • Vista Knowledge Pte Ltd (5.97%)
  • Associated Electrical Corporation Ltd (2.70%)
Number of employees
1,164 (2022)
ParentCulture Financial Holdings Ltd
Subsidiaries
  • National Asset Management Limited
  • UB Finance Company Limited
Websitewww.unionb.com
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

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, 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

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

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

The stock of Union Bank of Colombo PLC 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:[5]

Union Bank of Colombo PLC Stock Ownership
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

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

References

  1. ^ "Annual Report 2022" (PDF). cse.lk. Union Bank of Colombo PLC. Retrieved 1 May 2023.
  2. ^ a b "About us - Union Bank of Colombo". Retrieved 1 November 2016.
  3. ^ "Licensed Commercial Banks (As at 01st March 2016)". Central Bank of Sri Lanka. Retrieved 22 September 2016.
  4. ^ a b "UBC investor presentation" (PDF). Retrieved 1 November 2016.
  5. ^ a b c d "UBC 2015 Annual Report" (PDF). UBC. 31 December 2015. Retrieved 2 November 2016.
  6. ^ a b Union Bank of Colombo IPO Prospectus. Union Bank of Colombo. 2011.
  7. ^ a b "Union Bank IPO scores 350 times!". 4 March 2011. Retrieved 1 November 2016.
  8. ^ "TPG to invest US $ 117mn in Union Bank". Mirror Business. 15 August 2014. Retrieved 1 November 2016.
  9. ^ "Union Bank gets Rs. 11.42 b capital infusion from TPG Group". 30 September 2014. Retrieved 2 November 2016.
  10. ^ "Union Bank's PAT 415M in first 9 months". Ceylon Today. 27 October 2016. Retrieved 1 November 2016.
  11. ^ "UBC Milestones". UBC. Retrieved 1 November 2016.
  12. ^ "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.
  13. ^ "Dinesh Weerakkody new Chairman at Union Bank". Daily FT. 2 October 2024. Archived from the original on 2 October 2024. Retrieved 2 October 2024.
  14. ^ "Board of Directors". Union Bank. 1 October 2024. Archived from the original on 2 October 2024. Retrieved 2 October 2024.