Pakistani based Union Bank Ltd plans to pump in over Rs. 250 mn to its newly acquired Sri Lankan operation.
The bank made its maiden foray into the international markets, by recently acquiring Mashreq Banks Sri Lankan operation.rn
rnldblquote We believe the growing bilateral trade between the two countries as well as Sri Lankas expanding economic conditions will open up bigger business and finance opportunities for us,
dblquote Shaukat Tarin, President/Group CEO of Union Bank Pakistan told a media briefing on Friday.rn
rnMashreq Banks operations will now be known as Union Bank Ltd (incorporated in Pakistan) to avoid any confusion with another local commercial bank carrying an identical name.rn
rnTarin decline to give out the purchase price but said over Rs. 250 mn will be infused in the next 12 months to bring the banks capital up to the minimum Rs. 500 mn requirement.rn