Union Bank of Colombo

Sri Lankan commercial bank

Union Bank of Colombo PLC

Native name

| යුනියන් බැංකුව
யூனியன் வங்கி
Company type| Public

Traded as

| CSE: UBC.N0000
ISIN| LK0306N00007
Industry|

* Banking
* Financial services

Founded| 2 February 1995; 29 years ago (1995-02-02)
Headquarters|

Colombo

Sri Lanka

Area served

| Sri Lanka

Key people

* Nirvana Chaudhary (Chairman)
* Dilshan Rodrigo (Chief Executive Officer)

Services|

* Retail banking
* Corporate banking
* SME banking

Revenue|  LKR21.092 billion (2022)

Operating income

|  LKR8.845 billion (2022)

Net income

|  LKR422 million (2022)
Total assets|  LKR136.679 billion (2022)
Total equity|  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)
Parent| Culture Financial Holdings Ltd
Subsidiaries|

* National Asset Management Limited
* UB Finance Company Limited

Website| www.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

[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]

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

[edit]

As of 16 August 2024, a nine-member board of directors governs the UBC, chaired by Nirvana Chaudhary and with Dilshan Rodrigo as Chief executive officer.[12]

## See also

[edit]

* Banks portal

* List of banks in Sri Lanka
* Central Bank of Sri Lanka

## References

[edit]

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.

## External links

[edit]

* Official website of Union Bank of Colombo

* v
* t
* e

Banking in Sri Lanka

Commercial banks|

| Local|

* Amana Bank
* Bank of Ceylon
* Cargills Bank
* Commercial Bank of Ceylon
* DFCC Bank
* Hatton National Bank
* National Development Bank
* Nations Trust Bank
* Pan Asia Bank
* People's Bank
* Sampath Bank
* Seylan Bank
* Union Bank

|

Foreign|

* Bank of China
* Citibank
* Deutsche Bank
* Habib Bank
* HSBC
* Indian Bank
* Indian Overseas Bank
* MCB Bank
* Public Bank Berhad
* Standard Chartered Bank
* State Bank of India

Specialised banks|

* Housing Development Finance Corporation Bank of Sri Lanka (HDFC)
* National Savings Bank
* Regional Development Bank (Pradheshiya Sanwardhana Bank)
* Sanasa Development Bank
* Sri Lanka Savings Bank
* State Mortgage and Investment Bank

Finance companies|

* Abans Finance
* Alliance Finance Company
* AMW Capital Leasing and Finance
* Asia Asset Finance
* Assetline Finance
* Associated Motor Finance Company
* CBC Finance
* Central Finance Company
* Citizens Development Business Finance
* Commercial Credit and Finance
* Dialog Finance
* ETI Finance
* Fintrex Finance
* HNB Finance
* Lanka Credit and Business Finance
* LB Finance
* LOLC Finance
* Mahindra Ideal Finance
* Mercantile Investments and Finance
* Merchant Bank of Sri Lanka and Finance
* Multi Finance
* Nation Lanka Finance
* Orient Finance
* People's Leasing & Finance
* People's Merchant Finance
* Richard Pieris Finance
* Sarvodaya Development Finance
* Senkadagala Finance
* Singer Finance
* Siyapatha Finance
* SMB Finance
* Softlogic Finance
* U B Finance Company
* Vallibel Finance

Defunct|

* Bimputh Finance
* TKS Finance

Interbank|

| Networks|

* Cirrus
* LankaPay
* Plus

|

Payment systems|

* LankaPay CEFTS
* Sri Lanka Interbank Payment System

Governing bodies|

* Central Bank of Sri Lanka
* Ministry of Finance
* Institute of Bankers of Sri Lanka

* v
* t
* e

S&P Sri Lanka 20 Index companies of Sri Lanka → All Share Price Index

Current|

* Chevron Lubricants Lanka
* CIC Holdings
* Commercial Bank of Ceylon
* DFCC Bank
* Dialog Axiata
* Distilleries Company of Sri Lanka
* Hatton National Bank
* Hayleys
* Hemas Holdings
* John Keells Holdings
* Lanka IOC
* LB Finance
* LOLC Finance
* LOLC Holdings
* Melstacorp
* National Development Bank
* Nations Trust Bank
* Royal Ceramics
* Sampath Bank
* Vallibel One

Former|

* Access Engineering
* Aitken Spence
* Brown and Company
* Browns Investments
* Ceylon Tobacco Company
* Commercial Leasing and Finance
* Dipped Products
* Expolanka Holdings
* Hela Apparel Holdings
* HNB Assurance
* Janashakthi Insurance
* People's Leasing & Finance
* Richard Pieris & Company
* Softlogic Holdings
* Softlogic Life Insurance
* Sri Lanka Telecom
* Teejay Lanka
* Tokyo Cement Company (Lanka)
* Union Bank of Colombo
* Watawala Plantations

* v
* t
* e

S&P Sri Lanka 20 Index ← All Share Price Index companies of Sri Lanka

Energy|

* Lanka IOC
* LAUGFS Gas

Materials|

* Alumex
* Chevron Lubricants Lanka
* CIC Holdings
* Dipped Products
* Haycarb
* JAT Holdings
* Swisstek (Ceylon)
* Tokyo Cement

Capital Goods|

* Access Engineering
* ACL Cables
* Aitken Spence
* Brown and Company
* Colombo Dockyard
* E. B. Creasy & Company
* Hayleys
* Hemas Holdings
* John Keells Holdings
* Lanka Tiles
* Lankem Ceylon
* Renuka Holdings
* Richard Pieris & Company
* Royal Ceramics
* Sierra Cables
* Softlogic Holdings
* Vallibel One

Automobile and Components|

* Kelani Tyres

Consumer Durables and Apparel|

* Ambeon Holdings
* Dankotuwa Porcelain
* Hayleys Fabric
* Hela Apparel Holdings
* Teejay Lanka

Consumer Services|

* Aitken Spence Hotel Holdings
* Asian Hotels and Properties
* Ceylon Hotels Corporation
* Citrus Leisure
* Galadari Hotels (Lanka)
* Hayleys Leisure
* Hunas Holdings
* Jetwing Symphony
* John Keells Hotels
* Mahaweli Reach Hotels
* TAL Lanka Hotels
* The Fortress Resorts
* The Kingsbury
* The Lighthouse Hotel
* The Nuwara Eliya Hotels Company
* Trans Asia Hotels

Retailing|

* Diesel & Motor Engineering
* Odel
* Singer (Sri Lanka)

Food and Staples Retailing|

* C T Holdings
* Cargills (Ceylon)

Food, Beverage and Tobacco|

* Bairaha Farms
* Carson Cumberbatch
* Ceylon Cold Stores
* Ceylon Grain Elevators
* Ceylon Tobacco Company
* Dilmah
* Distilleries Company of Sri Lanka
* Harischandra Mills
* HVA Foods
* Keells Food Products
* Lanka Milk Foods
* Lion Brewery (Ceylon)
* Melstacorp
* Sunshine Holdings

Household and
Personal Products|

* Swadeshi Industrial Works

Health Care Equipment
and Services|

* Asiri Hospital Holdings
* Ceylon Hospitals (Durdans)
* Lanka Hospitals
* Nawaloka Hospitals

Banks|

* Amana Bank
* Cargills Bank
* Commercial Bank of Ceylon
* DFCC Bank
* Hatton National Bank
* HDFC Bank of Sri Lanka
* National Development Bank
* Nations Trust Bank
* Pan Asia Bank
* Sampath Bank
* SDB bank
* Seylan Bank
* Union Bank of Colombo

Diversified Financials|

* Capital Alliance
* Central Finance Company
* Citizens Development Business Finance
* LB Finance
* LOLC Finance
* LOLC Holdings
* People's Leasing & Finance
* Vallibel Finance

Insurance|

* Ceylinco Insurance
* Janashakthi Insurance
* Softlogic Life Insurance
* Union Assurance

Telecommunication
Services|

* Dialog Axiata
* Sri Lanka Telecom

Utilities|

* Vallibel Power Erathna
* WindForce

Real Estate|

* C T Land Development
* Colombo Land and Development Company
* Overseas Realty

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