Union Bank to cease its operations as a Primary Dealer

Apr 24, 2020 (LBO) – Monetary Board of the Central Bank of Sri Lanka has granted approval for Union Bank of Colombo to cease its operations as a Primary Dealer with effect from 01 May 2020.

Union Bank 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 emphasized that the above approval is purely based on a business decision of Union Bank and it does not affect carrying out any of its activities as a licensed commercial bank.