Union Bank acquires The Finance & Guarantee
Partners with ShoreCap to infuse Rs 1.1 billion:
Union Bank of Colombo PLC (UBC) together with an
International foreign investment Fund ShoreCap II Limited of USA has
acquired over 98 percent of the voting shares of The Finance and
Guarantee Company Ltd (TF&G). This will infuse new capital to
resurrect one of Sri Lanka’s oldest finance companies at a total
investment in excess of Rs 1.1 bn.
Lanka improves ease of doing business parameters
The prevailing peaceful atmosphere, ongoing
infrastructure development initiatives coupled with the favourable
social security status has contributed immensely to push Sri Lanka’s
position on the ease of Doing Business Ranking upto 89 out of 183
countries in 2012.
Record growth in first nine months:
Sampath Bank Group posts Rs 4,670 m profit
Sampath Bank Group which consists of Sampath
Bank and four subsidiary companies, continued its growth momentum in
the First Nine Month period of 201l, posting impressive results in
all key areas over the last year same period.