Double Entry

Union Bank officials are presently talking to Central Bank and other key officials to clinch the deal.

rnrnldblquote Sri Lanka was always in our radar. With the onset of the peace process we moved our plans forward for Sri Lanka,
dblquote Union Bank
quote s Chairman, Tharin Shaukat said in an interview.

quote s after tax profits rose 87 percent to Rs. 80 mn as at Dec. 2001. Its net income grew 26 percent to Rs. 84 mn, but net loan portfolio slipped 40 percent to Rs. 436 mn during the period.

rnrnShaukat sees a lot of business opportunities in Sri Lanka. ldblquote We want to go into areas that are economically daring. While providing corporate and retail banking services, we want to be an all purpose bank and even look at the small and medium sector.

rnrnThe smaller commercial banks are currently going through a lot of consolidations with a few mergers in the offing.

rnrnBanking analysts are speculating that National Savings Bank is likely to pick up the business of Union B