UB Finance announces Rs. 1.6 billion rights issue

UB-Finance

Oct 16, 2020 (LBO) – UB Finance, a subsidiary of Union Bank of Colombo has announced an LKR 1.6 billion rights issue to strengthen its balance sheet and meet the capital guidelines of the Central Bank by 31 December 2020 as approved by the CBSL.

The Company has recorded notable growth since its acquisition by Union Bank in 2011 and has established itself as a premier financial services provider in the Island.

Despite the challenges faced by the financial services sector due to the Covid-19 pandemic, the Management of UB Finance is optimistic about the future of Sri Lanka as a Commercial, Financial, and Transshipment hub and is geared with innovative products and technological platforms to leverage on and support this economic growth.