Union Bank is pleased to announce the appointment of Ms. Shaheeda Barrie as an Independent Non-Executive Director to the Board of Directors.

Ms. Barrie brings over 25 years of distinguished legal and regulatory experience, with expertise in public law, financial regulation, banking and finance, capital markets, and complex commercial litigation and arbitration. She served for 22 years at the Attorney General’s Department of Sri Lanka, rising to the position of Deputy Solicitor General, where she advised and represented the Government of Sri Lanka, financial regulators, state-owned enterprises, and public institutions on high-value and high-impact matters.

She played a key role in legislative drafting and financial sector reform, including important legislation relating to the Central Bank of Sri Lanka, the Securities and Exchange Commission of Sri Lanka, public debt and capital markets, and the Colombo Port City. Her career also includes service as Legal Advisor to the Central Bank of Sri Lanka, Legal Consultant to the Securities and Exchange Commission, and as a member of the Company Law Advisory Commission of Sri Lanka.

Following her retirement from public service, Ms. Barrie heads her own legal chambers and continues to advise on complex litigation, arbitration, regulatory matters, and legislative reform, including consultancy work with multilateral institutions such as the World Bank, Asian Development Bank, USAID, and the International Finance Corporation. She currently serves as a Director of the Personal Data Protection Authority of Sri Lanka.

Ms. Barrie is an Attorney-at-Law of the Supreme Court of Sri Lanka and a Barrister-at-Law of England and Wales (Gray’s Inn), and holds advanced legal qualifications from the London School of Economics, the University of Oxford, and the American University, Washington College of Law. Union Bank welcomes Ms. Barrie and looks forward to her valuable contribution to the Board and the Bank’s continued growth and strong governance.

Union Bank of Colombo PLC
Media Release
20 April 2026, Colombo Sri Lanka

The 31st Annual General Meeting of Union Bank was held on March 31 at the Sri Lanka Foundation Institute, Colombo. The meeting was chaired by Mr. Dinesh Weerakkody, Chairman of Union Bank, and was attended by members of the Board and shareholders.

Union Bank of Colombo PLC
Media Release
16 April 2026, Colombo Sri Lanka

Union Bank continues to transform digital banking for businesses with the introduction of a simplified virtual deposit card to support bulk deposits through Cash Deposit Machines (CDMs). The new facility is designed to support any business entity from corporates to SMEs and proprietors who regularly carry out high volume cash deposits during anytime of the day. The solution offers a secure and efficient way to manage bulk cash deposit transactions with ease and control. Recognising that many businesses rely on trusted agents, the virtual deposit card enables business owners to register their representatives to carry out deposits on their behalf and allows the Bank to identify the depositors. With no physical card required, this service enables multiple deposits with up to 200 notes per transaction.

Manisha Fernando, Vice President – Digital Banking said, “With a digital first agenda Union Bank places strong emphasis on security, controls and compliance. All nominated and authorised representatives are registered to the virtual deposit card only after a comprehensive Know Your Customer (KYC) process. The Virtual Deposit Card enables the registered agents and nominees of customers to deposit funds to the specifically designated accounts of the customer through any Union Bank CDM at any time with ease. All they need is their mobile phone. Additionally, the customer has the option to remove or add new agents at any time through a simple process, whilst the Bank has the ability to identify the depositor. We believe that this service will allow businesses to manage high volume deposits efficiently while reducing transaction delays greatly”.

Picture Caption : Manisha Fernando, Vice President – Digital Banking

Union Bank recently opened its second Leasing Hub in Negombo offering faster leasing solutions to customers. The First Union Bank leasing hub was opened in Kohuwala and is located centrally amongst the vehicles sales centres. The Union Bank leasing hubs are one stop shops for leasing solutions. Whilst providing easy access and speedy services for customers they contribute significantly towards the growth in the Bank’s leasing portfolio. The Union Bank Negombo leasing Hub was opened by Dilshan Rodrigo, Director/CEO of Union Bank in the presence of customers.

Union Bank of Colombo PLC announced its proposed Debenture Issue 2026, a strategic move aimed at raising up to LKR 3 billion. This issue is designed to bolster the Bank’s Tier II capital base and provide a robust financial foundation for its upcoming growth initiatives.

The offering consists of Basel III compliant, listed, rated, unsecured, subordinated, redeemable high-yield debentures with Non-Viability Conversion. The instrument has been assigned a rating of BB (lka) by Fitch Ratings (Lanka) Ltd, reflecting the bank’s creditworthiness and the structured nature of the subordinated debt.

Investors can choose from three distinct interest structures starting from a high-yield 13% fixed rate per annum (Type A). This option is paid annually, while Type B offers a 12.5% fixed rate paid semi-annually (12.89% AER). For those seeking market-linked returns, Type C provides a floating rate of the 182-days Treasury Bill rate plus a 400-basis point margin, also paid semi-annually.

The debentures are priced at LKR 100 per unit with a 5-year tenure (2026–2031). The initial issue size is set at 20,000,000 debentures with an option to raise 10,000,000 at the discretion of the Bank and is scheduled to open on 10 March 2026.

Shanka Abeywardene, Chief Financial Officer of Union Bank stated “This debenture issue marks a significant step in the Bank’s journey towards enhanced financial stability. By strengthening its capital adequacy, Union Bank is well-positioned to navigate evolving market conditions while fuelling its long-term strategic objectives for sustainable growth”

Managers and Placement Agent for the issue are First Capital Advisory Services Pvt Limited. Further details and the full prospectus are available on the Bank’s website at www.unionb.com.

Union Bank recognised its top performers at the UB Heroes 2025 awards, the Bank’s performance‑based recognition initiative that honours exceptional achievement across categories including Branch Awards, Central and Retail Recovery Awards, CSAT (Internal Customer Service) Awards and Green Awards. Head Office Branch was recognised as a leading performer for its exceptional outcomes across seven key performance indicators (KPIs), while several other branches and departments were also acknowledged for their contributions and commitment in the pursuit of excellence. The awards were presented by Dilshan Rodrigo, Director/Chief Executive Officer.

Picture Caption: Head Office Branch Team, winner of the 7 KPIs Top Performer Award, with Dilshan Rodrigo, Director/CEO of Union Bank

As part of the Union Bank School of Social Entrepreneurship (UBSSE) initiative, Union Bank partnered with the University of Moratuwa and the National Innovation Agency to upskill and empower SMEs under the National Entrepreneurship Development Program (NEDP). Recently, yet another group of emerging entrepreneurs successfully completed the programme and received their certificates.

Picture Caption:
Asanka Ranhotty Chief Business Officer, Thishani Dissanayake Vice President Marketing of Union Bank and Prof Dinesh Samarasinghe, Dean and Dr Gayithri Kuruppu Head of the Faculty of Business, of University of Moratuwa awarding the NEDP certificates

Union Bank partnered with the Department for Registration of Persons (DRP) establishing direct connectivity and faster response times for identity verification services, marking a significant enhancement to the Bank’s digital and security infrastructure to provide banking convenience to customers.

Photo Caption: Asanka Ranhotty, Chief Business Officer exchanged the signed MOU with Commissioner General M.S.P. Suriyapperuma and representatives from Union Bank and the Department for Registration of Persons.

Union Bank Horana Branch relocated to a new and spacious premises at No. 99A1/A, Somananda Mawatha, Horana, further strengthening its presence in the Horana area whilst offering an enhanced banking experience to customers. The new premises offers an all-new private banking space for Elite Circle members, meeting/conference facilities for customers and the luxury of ample parking in a busy town. Customers, management and staff joined, Dilshan Rodrigo, Director/Chief Executive Officer to open the Branch at the new premises.

Union Bank continues to simplify business banking with the introduction of GovPay on its payments & cash management platform BizDirect enabling businesses to make government payments fast, secure and conveniently.

Through BizDirect GovPay, customers can settle payments to key government institutions including the Inland Revenue Department, Sri Lanka Customs, Employees’ Provident Fund (EPF), Sri Lanka Ports Authority and the Board of Investment (BOI), all through a single, fully automated digital channel. This removes the hassle for the need of branch visits and manual paperwork, enabling businesses to manage payments faster and more efficiently. Adding GovPay expands the BizDirect digital banking platform, which also offers seamless outward telegraphic transfers, bulk payments and salary processing. Together, these features provide businesses with a comprehensive solution to manage essential financial transactions. Additionally the salary payment module allows companies to process salaries securely and efficiently, ensuring timely salaries while reducing administrative workload. The outward telegraphic transfer feature further supports businesses engaged in international trade by enabling fast and secure cross-border payments. The system’s integrated document attachment and digital confirmation features eliminate the need for manual paperwork and branch visits, providing users with a fully streamlined, remote payment experience.

Lakmal Mettananda, Unit Head Payments and Cash Management said “BizDirect GovPay and the new features are another few steps in the Bank’s journey to make banking simpler and smarter for businesses . By digitising essential payments and processes, we are helping businesses operate more efficiently and focus on what matters most, growing their business. Union Bank BizDirect reflects The Bank’s ongoing commitment to digital transformation and customer-centric innovation, delivering secure, reliable and easy-to-use banking solutions for Sri Lanka’s business community”

Caption Picture: Lakmal Mettananda, Unit Head Payments and Cash Management

Union Bank reopened its Gampola branch on 17 December following the impacts of Cyclone Ditwah–related floods that severely affected businesses and residents in the area. Demonstrating its commitment to customers and the community, Union Bank acted swiftly to carry out restoration work, enabling the branch to resume full banking operations within a short period. The branch reopened with an improved and refreshed outlook, ensuring enhanced services to customers. Mr. Dilshan Rodrigo, Director / Chief Executive Officer of Union Bank, joined the Gampola branch team in welcoming customers back to the branch.

Union Bank recently participated in the Colombo Motor Show 2025, held at BMICH. The Bank’s leasing team actively promoted its flexible vehicle leasing and loan solutions to potential vehicle buyers.

A milestone initiative by the Union Bank School of Social Entrepreneurship (UBSSE), the inauguration of the National Entrepreneurship Development Programme (NEDP) phase 2 was held recently at the University of Moratuwa. A milestone public private partnership and a collaborative initiative by Union Bank, the University of Moratuwa, and the National Innovation Agency, NEDP brings together academic excellence, financial empowerment, and innovation leadership to strengthen Sri Lanka’s entrepreneurial landscape. The NEDP Phase 2 welcomed over hundred participants, both established business owners and aspiring entrepreneurs with viable business ideas, creating a dynamic platform where vision meets opportunity.

Union Bank continues to strengthen its commitment to innovation and customer convenience through strategic collaborations. The Bank collaborated with Mastercard to enhance its digital payment ecosystem, offering customers smoother, safer and more seamless transaction experiences across multiple platforms. The collaboration also supports Union Bank’s vision to drive Sri Lanka’s transition towards a digitally empowered economy, combining Mastercard’s global expertise with the Bank’s local insight to deliver cutting-edge solutions for individuals and businesses alike.

Malinda Perera Vice President – Head of Cards & Retail Products of Union Bank, said:
“Our collaboration with Mastercard is a strategic step in Union Bank’s digital growth agenda, as we continue to invest in technologies that enhance customer experience and deliver enhanced value through digitalization”

Sandun Hapugoda, Country Manager, Sri Lanka & Maldives, Mastercard, said, “Mastercard is proud to leverage its global expertise in payments technology to support Union Bank’s digital growth journey. This collaboration aims to deliver more secure, seamless, and future-ready transaction experiences for the bank’s customers. It reflects our shared commitment to empowering individuals and businesses with world-class infrastructure that ensures security while enabling long-term growth and success.”

In Picture (L to R) Caption:
From Mastercard Nachiket Limaye Principle Service Business Development Mastercard, Shashi Madanayaka Director Account Management Mastercard, Sandun Hapugoda Country Manager Sri Lanka and Maldives Mastercard and from Union Bank, Dinesh Weerakkody, Chairman, Dilshan Rodrigo, Director/Chief Executive Officer, Dr. Dharmasri Kumaratunge, Director, Malinda Perera, Vice President and Head of Cards and Retail Products and Asanka Ranhotty, Chief Business Officer.

Union Bank is pleased to announce that its Board of Directors has resolved to issue up to a maximum of Thirty Million (30,000,000), Basel III-compliant, listed, rated, unsecured/debenture(s) of Rs. 100 each to raise a maximum of Rupees Three Billion ( 3,000,000,000) to be offered to investors subject to shareholder and regulatory approvals.

This issuance is expected to strengthen Union Bank’s capital base to support strategic expansion, augment its Tier 2 capital in compliance with regulatory capital adequacy requirements, and to bolster lending capacity, particularly for SME and other priority customer segments. This move aligns with the bank’s ongoing efforts to ensure financial resilience, support sustainable growth, and deliver long term value to shareholders and stakeholders.

Dilshan Rodrigo, Director/Chief Executive Officer of Union Bank stated that “our decision to issue this debenture reflects our confidence in the bank’s trajectory and our commitment to sustainable growth. By enhancing our capital structure, we are better positioned to support our customers, expand and seize new opportunities arising in Sri Lanka’s evolving economic landscape. Further it supports strengthening our ability to deliver on our promise of trust, growth and financial inclusion.”

Photo: Dilshan Rodrigo, Director/CEO Union Bank

Union Bank is pleased to announce the appointment of Mr. Gyanendra Dhungana as a Non-Independent Non-Executive Director to its Board of Directors, effective immediately.

Mr. Dhungana is a distinguished figure in Nepal’s banking industry, bringing with him over three decades of extensive experience, including a decade of service at Nepal Rastra Bank, the Central Bank of Nepal. His appointment reinforces Union Bank’s commitment to strengthening governance, strategic oversight, and institutional leadership.

He most recently served as Chief Executive Officer of Nabil Bank Limited (2022–2025), and prior to that, he led Nepal Bangladesh Bank as CEO for a decade. His earlier contributions at Nepal Rastra Bank (2001–2011) spanned various strategic and regulatory functions that shaped the country’s financial ecosystem. Mr. Dhungana has been widely recognized for his contributions to the banking sector, receiving several prestigious awards including the Prabal Jana Sewa Shree Medal (2022) and honours from the Nepal Management Association. A former President of the Nepal Bankers Association (2018–2020), he remains actively involved in the industry and has contributed through seminars, international forums, and published works on Nepal’s economy and banking.

Mr. Dhungana holds a bachelor’s degree in commerce from Nepal Commerce Campus, Tribhuvan University, is a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI), and has earned a Master’s in Financial Analysis from the University of New South Wales, Australia.

Photo: Mr. Gyanendra Dhungana

Union Bank Home Loan Plus, is Sri Lanka’s first 100% financing solution for premium properties providing full funding for both complete and under-construction projects. With no capital required upfront it enables homeowners to move into their dream homes with ease. This innovative solution features tailored repayment plans to suit a range of income types, including salaried professionals, business owners, and property investors. Customers can choose from flexible options such as customisable monthly instalments, interest-only payments with lump sum settlements, or capital repayments structured to match investment returns. Enabling luxury homeownership more accessible, Union Bank Home Loan Plus is now available through leading property developers including John Keells Properties and Prime Group.

“Union Bank Home Loan Plus is a game-changer in Sri Lanka’s housing finance landscape. By removing the need for upfront capital and offering flexible repayment options, we are making premium property ownership a reality for more Sri Lankans,” said Malinda Perera, Vice President – Head of Cards & Retail Products Management at Union Bank.

Picture Caption: Malinda Perera, Vice President – Head of Cards & Retail Products Management.

Union Bank has been once again recognised as one of Sri Lanka’s Top 100 Most Valuable Brands in the latest rankings published by Brand Finance, in collaboration with Echelon Magazine. This recognition highlights the Bank’s steady progress and growing brand equity in a dynamic and competitive financial services landscape. The rankings reflect Union Bank’s financial performance, market recognition, and customer relationships.

Commenting on this proud moment “Thishani Dissanayake, Vice President – Marketing said “Following the strategic acquisition of the Bank’s majority stake by CG Corp Global, the Bank has been focused on evolving under the brand promise ‘Transforming Lives’—anchored on the pillars of customer centricity, innovation, and digitization. We sincerely thank our customers for placing their continued trust in Union Bank. This recognition reflects our continued commitment to building a strong, future-ready brand”.

Dilshan Rodrigo, Director/CEO of Union Bank, participated as a distinguished panelist at the recently concluded Huawei CXO Forum, hosted by Sri Lanka Institute of Directors (SLID) where he shared insights on banking in the digital age, the importance of innovation, and the transformative role of AI in the financial sector.

Union Bank Turbo-Draft, is a customizable vehicle financing solution offering flexible payment terms and significantly reduced monthly instalments—making vehicle upgrades and purchase of premium vehicles more accessible to individual and businesses.

Union Bank Turbo-Draft allows customers to tailor their payment plans up to 30 months and make smaller monthly payments and larger final payment at the end of the period, enabling customers to get a Bigger and Better vehicle for the same monthly payment. Union Bank Turbo Draft also provides smarter budget management and faster access to new vehicles.

Kasun Balasooriya, Head of Leasing at Union Bank, stated: “Union Bank Turbo-Draft reflects our commitment to deliver smarter financial solutions to our customers and is an affordable way to drive the latest vehicles without large monthly commitments, with the flexibility to settle later. With fast-track approvals and customisable financing options, Union Bank Turbo-Draft continues to offer customers a smart and convenient path to vehicle ownership.”

Union Bank recently partnered with Diesel & Motor Engineering PLC (DIMO), to promote UB vehicle leasing and loans to DIMO customers. This partnership provides flexible and fast financing solutions to a wide range of vehicles from DIMO including Mercedes Benz and Tata.

Launching” Union Bank Heroes” a performance based recognition initiative the Bank recognised and awarded the top performers for 1st quarter 2025. The winners received their rewards from Dilshan Rodrigo, Director CEO of Union Bank.

Photo: Borella Branch, Winner of the Overall Best Branch for Retail and SME Assets.

Conveniently located with the vehicle sales centres Union Bank’s new Leasing Hub is a one stop shop for vehicle buyers to fast track their leasing solutions. The Union Bank Leasing Hub was opened by Dilshan Rodrigo, Director/CEO with several new customers receiving their leasing solutions at the opening. The Leasing Hub offers quick approvals, financing up to 90%, repayments plans up to 7 years and a host of other benefits.

Union Bank proudly unveiled Union Bank Trade Connect, a modern, fully equipped one-stop hub for all trade services. Union Bank Trade Connect was inaugurated by Dilshan Rodrigo, Director/CEO at the Bank’s Head Office and marks a new milestone in delivering seamless, efficient trade solutions to the Bank’s valued customers.