Union Bank celebrates 25 years of banking to the nation
View(s):Union Bank is celebrating 25 years of banking operations in Sri Lanka with the institution planning a series of programmes to celebrate this significant milestone.
Union Bank was established in 1995 as the country’s eighth indigenous bank, and had since then seen many phases of growth and evolution. Union Bank entered Sri Lanka’s financial services landscape with a firm will to become a unique entity that challenges the status-quo and shapes new paradigms. The environment in which Union Bank entered and operated in remained challenging, given the large number of commercial banks, some with a globally renowned presence that had already made inroads and were firmly established in Sri Lanka. It was imperative therefore, that Union Bank created for itself a unique personality and identity, the bank said in a media release.
This focus saw Union Bank identify the niche opportunities on the SME sector, which for the most part remained un-banked and was in need for focused financial support to become a key driver of national development. During years of dedicated service as a preferred banker to Small and Medium Enterprises (SMEs), the bank pursued a pragmatic growth agenda, aligned with the national development goals that included sustainable growth of the SME sector. “Having recognised the importance of the sector, Union Bank contributed immensely towards entrepreneurship development, thereby giving rise to many positive cascades that includes producing assiduous entrepreneurial mavens who become role models for younger generations, spurring employment for communities which also engendered better living standards, and empowering industries that may have lain dormant or slow in gaining a renaissance, thus contributing to overall social and economic development of the country,” it said.
One of the largest global investment companies, TPG’s investment of US$117 million in Union Bank in 2014, acquiring 70 per cent of the Bank’s equity through its affiliate Culture Financial Holdings Ltd. marked a milestone for the bank and to the banking industry as one the largest foreign direct investments to Sri Lanka. This marked the beginning of a new phase of accelerated growth for Union Bank. With a solid foundation etched with financial stability and international know-how, today Union Bank is a full-service commercial bank offering a comprehensive range of products and services to financially empower individuals, entrepreneurs and corporates in Sri Lanka. The bank still continues to support and empower the SME sector with enhanced focus and customised service propositions designed to empower this segment.
Following the capital infusion, the bank implemented a cohesive re-engineering for accelerated growth with substantial innovations and developments to its product offering, human capital, technological and delivery platforms with a view of providing a differentiated banking experience to its clientele. The bank extends its products and services to a diverse client base via an island-wide network of 67 branches, supported by an extensive ATM network and digital banking advances that facilitate greater convenience to all clients, the release said.
Commenting on the 25th anniversary of the Bank, Chief Executive Officer Indrajit Wickramasinghe said, “I’m pleased and proud of reaching this significant milestone of Union Bank. The success of the bank thus far had been built on the dedication of our employees. Our team has grown to over 1200 employees in tandem with the bank’s expansion and they will continue to be the pillars on which we build the future success of Union Bank.”