The Union Bank of Colombo is well geared to achieve its goal of becoming a financial powerhouse with the recent equity infusion of Rs. 2 billion, of which, Rs. 1 billion was made by the Malaysian giant engaged in leisure and hospitality, Genting Berhad.
The capital was raised by way of a private placement adding positively to the vast strides the bank has taken to boost investor confidence. Thus, this initiative further highlights the bank's strong position in the industry and its strengths in attracting high profile foreign investors.
Having delivered what was promised, the Bank aims to build on the capital infusion in achieving new heights and accelerating growth. With the new equity infusion, the state capital of the bank surpass well beyond the minimum capital stipulated by the Central Bank of Sri Lanka.
In another significant move, Union Bank appointed Tan Sri Lim Kok Thay, Chairman and CEO of Genting Berhad and Tan Kong Han, President and Chief Operating Officer of Genting Berhad as Directors of Union Bank
Chua Ming Huat, President of Genting Hong Kong was also appointed a Director of Union Bank while So King Tak Blondel, Chief Operating Officer of Genting Hong Kong was appointed as the alternate Director to Chua thus demonstrating the firm commitment and significance attached to Genting's investments in Union Bank. The move is also seen as further strengthening the Board of Union Bank, which already consists of a dynamic and powerful team with vast experience and expertise across many fields of business.
The Union Bank is aggressively looking into mergers and acquisitions, in achieving new heights. Further, the bank is planning to open in excess of 10 new branches this year, subject to regulatory approval, thus reaching out to a wider customer base and creating more visibility and accessibility.
As an integral part of the new strategic direction of the bank, a comprehensive technology enhancement plan is being put in place to ensure state-of-the-art systems that will support the bank to innovate and drive its product portfolio whilst delivering a better service to its customers.
Plans are also underway to expand the Bank's product portfolio by offering enhanced banking services including housing loans, factoring, project finance and investment banking facilities. This will be in addition to the wide-array of banking service already provided to the customers.
Through this, the Bank aims to become more competitive, adding value and strength, as it ventures forward to become a financial powerhouse. |
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