TPG not selling Union Bank
Disputing speculation that Union Bank’s (UB) major shareholder Culture Financial Holdings Ltd is selling a part of its holding, a top UB official said that it’s not true.
Culture Financial Holdings Ltd, a subsidiary of Texas Pacific Group(TPG) (one of the world’s largest private equity firms) invested close to US$100 million for a 70 per cent stake in UBC at a share price of Rs.15, five years ago. They will not sell Union Bank shares, (as yet), the official told the Business Times, adding: “They haven’t still realised their value, so why should they sell?”
There has been heavy trading this week in this stock in the market with brokers speculating on a possible acquisition.
Also in June the bank informed that TPG has said that they will not accept UB offer to repurchase shares, thus affirming its continued commitment towards the future progress of the bank.