Union Bank ceases operations as money market primary dealer

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The Central Bank, at the request of the Union Bank of Colombo PLC (UBC), has granted approval for UBC to cease its operations as a Primary Dealer with effect from May 1.
UBC will continue to function as a Dealer Direct Participant in the LankaSettle system and transact in scripless government securities on behalf of its customers and maintain its customer accounts in the LankaSecure system, the Central Bank statement on Friday said.
“The Central Bank wishes to emphasize that the above approval is purely based on a business decision of UBC and it does not affect carrying out any of its activities/services as a licensed commercial bank,” it said.

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