Daily News Online

Wednesday, 2 November 2011


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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.

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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.

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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.

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Economic Development Minister Basil Rajapaksa participated as the chief guest at the seminar on “Progress made in improving Sri Lanka’s doing business ranking 2010 and for formulating future strategies” held at the John Exter International Conference Hall of the Central Bank yesterday. According to the Doing Business Ranking computed by the World Bank Group, Sri Lanka is ranked 89 of 183 countries in 2012. This is a tangible improvement compared to the ranking achieved in 2011, which was 98. Central Bank Governor Ajith Nivard Cabraal, Secretary to the Prime Minister S Amarasekera, government officials and Central Bank officials also participated. Picture by Chaminda Hittetiya

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