Genting Berhad Malaysia invests Rs 1 billion:

Union Bank share issue over-subscribed

The Union Bank of Colombo is geared to achieve its goal of becoming a financial powerhouse with the recent equity infusion of Rs 2 billion, of which, Rs 1 billion was made by the Malaysian giant engaged in leisure and hospitality, Genting Berhad. The capital was raised by way of a private placement adding positively to the vast strides the bank has taken to boost investor confidence.

This initiative further highlights the bank’s strong position in the industry and its strengths in attracting high profile foreign investors, the Bank said. Having delivered what was promised, the Bank aims to build on the capital infusion in achieving new heights and accelerating growth.

With the new equity infusion, the state capital of the bank surpass well beyond the minimum capital stipulated by the Central Bank of Sri Lanka. In another significant move, Union Bank has appointed Genting Berhad Chairman and CEO Lim Kok Thay and Genting Berhad President and Chief Operating Officer Tan Kong Han as Union Bank Directors Genting Hong Kong President Chua Ming Huat, was also appointed a Director of Union Bank while Genting Hong Kong Chief Operating Officer So King Tak Blondel, was appointed as the alternate Director to Chua.

The move will further strengthen the Board of Union Bank.

Union Bank is looking into mergers and acquisitions, in achieving new heights.

It plans to open in excess of ten new branches this year, subject to regulatory approval, reaching out to a wider customer base and creating more visibility and accessibility.