Union Bank to commence Primary Dealer operations
View(s):Union Bank of Colombo PLC (UBC) has been appointed as a Primary Dealer in Government Securities by the Central Bank of Sri Lanka and will commence this business with effect from October 1.
As a Primary Dealer, Union Bank will participate directly in Primary Auctions conducted by the Central Bank of Sri Lanka in order to bid for Treasury Bills, Bonds and other Government Securities. Union Bank’s Primary Dealer Unit will also act as an intermediary in Corporate Bonds and Debentures and will assist in developing the secondary market in Corporate Debt in the future, the bank said.
“The appointment of UBC as a Primary Dealer highlights our commitment to further strengthen our position in the Government Securities markets and assist the Bank to further enhance its portfolio of financial solutions to its customers,” said Isuru Pethiyagoda, Chief Manager – Primary Dealer Unit of UBC.