Two moghuls invest in local bank

Prince Faisal Al Faisal Bin Abdullah Al Saud, the grandson of King Faisal of Saudi Arabia and internationally renowned investment banker Alex Lovell have placed Rs. 420 million as capital in the Union Bank, a landmark event in the history of the Bank. Union Bank chairman Ajit De Zoysa said that the fact that both these shareholders have entered the bank at a premium price stands testimony to the potential of the bank and the confidence placed in the Sri Lankan economy going forward, a precedent, hopefully to be followed by many others provided that the fundamentals governing the country’s macro economic environment and the individual business conditions are conducive for investment.

“In this regard it is paramount that peace which is durable and acceptable to all communities will reach Sri Lanka as early as possible,” the Bank’s chairman said in a media release. The chairman also announced that Prince Faisal Al Faisal Bin Abdullah Al Saud and Mr.Lovell have accepted an invitation to join the Board of the Union bank.