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.
Extending its exclusive banking services Union Bank recently opened its newest Elite Circle Centre at the Union Bank Negombo branch offering customers personalised and premium banking services. The new Elite Circle Centre was opened by Dilshan Rodrigo, Director CEO of Union Bank joined by the Bank’s Elite Circle customers. The New Elite Centre provides exclusive comforts for banking and networking.
Union Bank and the Institute of Bankers of Sri Lanka (IBSL) officially signed a Memorandum of Understanding (MOU) to advance practical training for students pursuing careers in banking and finance. The agreement was ceremoniously exchanged between Mr. Jayantha Amarasinghe, Chief People & Transformation Officer of Union Bank, and Mr. C. P. A. Karunatilake, Director General of IBSL. This partnership highlights Union Bank’s commitment to bridging academic knowledge with real-world experience, offering IBSL students structured hands-on training aligned with the Institute’s Practical Training Guidelines.
Union Bank of Colombo PLC announced its financial results for the first quarter ended March 31, 2025, highlighting strong loan growth and balance sheet expansion.
Demonstrating strategic focus and resilience, Union Bank recorded a 14% year-on-year increase in net loans, underscoring the Bank’s momentum in lending and its commitment to supporting retail, SME, and corporate sectors. This healthy credit growth highlights the Bank’s strengthened position in the financial services sector. Reflecting this lending momentum, the Bank’s total assets rose to LKR 161 billion, marking a 10% increase from December 2024. Deposits grew by 2% to LKR 106 billion, reinforcing the Bank’s funding base. Asset quality improved, with the stage 3 impairment ratio reducing to 11.0%, from 12.26% at the end of the previous year highlighting the Bank’s strong recovery focus. Additionally, the Bank continues to maintain a robust capital adequacy ratio of 14.33%.
Net operating income increased by 11% year-on-year to LKR 1.75 billion, supported by improved asset quality and effective risk management. Net fee and commission income rose by 3% to LKR 284 million driven by the growth in digital banking, card services, and trade-related activities. Gross income and net interest income were impacted by changing market conditions and interest rate movements, however the Bank’s revenue mix remained healthy and strategically diversified. Union Bank posted a profit before taxes of LKR 285 million at the Bank level, maintaining earnings stability despite income pressures and ongoing investments in digital infrastructure and operational expansion.
At the Group level, Union Bank reported a profit before taxes of LKR 329 million, with Group total assets reaching LKR 171 billion. Union Bank holds a 95% share of the Union Bank Group, which includes subsidiaries National Asset Management Ltd and UB Finance PLC, contributing to the Group’s consolidated performance and strategic diversification.
The Bank continues to make strides in its digital journey with the implementation of Video KYC (VKYC) improving client convenience. Further, the Banks commitment to SME and financial inclusivity has been strengthened with the ‘Power HER’ proposition, Sri Lanka’s first women’s banking proposition offering a free, fully integrated cash management solution tailored and the first National Entrepreneurship Programme—a milestone initiative conducted in collaboration with the University of Moratuwa and the National Innovation Agency (NIA).
Union Bank is pleased to announce the appointment of Mr. Shanka Abeywardene as its new Chief Financial Officer (CFO).
A results-driven and transformative finance professional, Mr. Abeywardene brings over 30 years of local and international experience in financial strategy, reporting, and business performance optimization. His career is marked by a strong track record of enhancing financial performance, driving organizational change, and delivering sustainable value across dynamic banking environments.
Mr. Abeywardene most recently served as the Chief Financial Officer of SANASA Development Bank in Sri Lanka, where he also played the role of Acting Chief Executive Officer leading critical financial restructuring, business growth and strategic transformation initiatives. He also held key positions at National Development Bank (NDB), Mashreq Bank and Standard Chartered Bank in the UAE.
He is a Fellow of the Chartered Institute of Management Accountants UK, holds a Master of Science (MSc) from SKEMA Business School in France, and an Executive Diploma in Management from the University of Cambridge, UK.
Commenting on the appointment, Dilshan Rodrigo, Director/CEO of Union Bank said:
“We are pleased to welcome Shanka to Union Bank at a time of strategic growth. His rich blend of local and international experience, combined with his sharp financial insight and leadership capabilities, will be vital as we move forward in delivering our long-term vision.”
Union Bank remains committed to strengthening its leadership team as it continues its journey towards becoming a digitally innovative, customer-focused banking partner.
Union Bank as part of its transformation continues to evolve its digital first approach to providing enhanced customer experience. As part of its digital agenda the Bank recently unveiled several new features to its mobile banking platform UBgo.
UBgo is designed to simplify and enhance the banking experience for customers and transforms the way finances are managed by offering a gamut of convenient services from fund transfers, instant opening of savings and fixed deposits, fast QR payments, payee management and bill payments, cards and more enabling easy banking on the go. In its recent revamp, as a key highlight the app now offers video KYC facility, enabling hassle free account opening without visiting a branch. Enabling easy engagement with the Bank, the app also provides the Call-Back requests for assistance.
Manisha Fernando, Vice President of Digital Banking, said, “The bank’s continues to transform the lives of our customers through digital innovations and service excellence and providing the best digital banking experience is a top priority. The recent revamp of the UBgo mobile banking app, enables the bank to successfully penetrate its preferred target markets of affluent customer segments and particularly the GenZs whilst creating added value and an enhanced banking experience for our existing customers. Union Bank is the first bank to be recognised with the ISO 27001:2022 certification and Payment Card Industry Data Security Standard (PCI DSS) v4.0 for maintaining the highest standards of Data Security. The app also offers secure biometrics and controls to ensure a safe banking experience to customers. The app will continue to evolve as a future ready digital solution aligning to changing consumer needs and market dynamics”.
As part of the Bank’s transformation and new strategic vision the Bank continues to enhance skills and knowledge of employees. The Bank recently hosted an engaging event to enhance product knowledge of the front-liners at Union Bank Branches under the theme Product Power 2025. Extensive insights to product and sales were shared by the Bank’s very own product specialists covering key product areas, such as Savings & Investments, loans, credit cards, pawning, leasing, digital banking and SME value propositions. Over 200 branch staff participated in the first round and enjoyed a day of knowledge sharing and engaging activities including an online product quiz. The forum was address by Dilshan Rodrigo, Director/Chief Executive Officer, who outlined the Bank’s strategic vision and goals for 2025 and emphasised on the Bank’s commitment to continuous transformation and staff engagement initiatives to drive growth and development.
As part of the Bank’s ongoing customer engagement initiatives Union Bank recently hosted a Financial Expo in Jaffna, bringing together customers and business partners to one forum. John Keells Properties, Prime Group, United Motors and Fairfirst joined the expo offering Union Bank customers exclusive deals on real estate, automobile and insurance.
Union Bank is proud to announce a major milestone for the Union Bank School of Social Entrepreneurship with the launch of the National Entrepreneurship Development Programme (NEDP).
As academic activities for 2025 commence, Union Bank takes the lead as the first to inaugurate this groundbreaking initiative in partnership with the University of Moratuwa (UoM)and the National Innovation Agency (NIA).
With applications called across the island in December 2024, two hundred shortlisted students, current business owners and aspiring entrepreneurs with innovative startup ideas enrolled in the programme and were present at the event.
A combination of online lectures and workshops, the programme covers a comprehensive course outline needed to develop business acumen. This milestone event marks the beginning of a transformative journey to upskill business owners and budding entrepreneurs. As an event highlight Union Bank customers joined, to share their inspiring entrepreneurial journeys adding much value to the initiative. Together, we’re fostering entrepreneurship, innovation, and a brighter future for Sri Lanka.
Caption: The shortlisted applicants with the representatives from Union Bank, the University of Moratuwa (UoM) and the National Innovation Agency (NIA) at the launch of the National Entrepreneurship Development Programme.
Union Bank is pleased to announce the appointment of Mr. Mahesh Nanayakkara as an Independent Non-Executive Director to its Board.
With over 30 years of experience in the financial services industry, Mr. Nanayakkara brings extensive expertise and leadership to Union Bank. He currently serves as the Managing Director and Chief Executive Officer of Citizens Development Business Finance PLC (CDB), where he has led a remarkable transformation, elevating CDB to its position as one of Sri Lanka’s top four non-banking financial institutions.
Mr. Nanayakkara’s commitment to social impact is exemplified by his role in establishing the Autism Trust Fund, a collaboration between CDB and the Sri Lanka Association for Child Development (SLACD), which focuses on raising awareness and facilitating early detection and intervention for autism in Sri Lanka.
He holds a BSc. in Business Administration and an MBA from the Postgraduate Institute of Management, University of Sri Jayawardenepura. A Fellow of the Chartered Institute of Management Accountants (UK), Mr. Nanayakkara has further enhanced his expertise through executive training at Harvard Business School and the Cambridge Center for Alternative Finance, University of Cambridge.
Union Bank warmly welcomes Mr. Nanayakkara to its Board and looks forward to benefiting from his insights and strategic leadership as the Bank continues its journey of growth and excellence.
In picture: Mr Mahesh Nanayakkara
Union Bank Senior Vice Presidents, Mr. Jayantha Amarasinghe and Ms. Chaya Jayawardane, along with Singhagiri CEO, Mr. Lasantha Alwis, exchanging the Memorandum of Understanding (MoU), with other officials from both organizations also in attendance.
Union Bank partnered with Singhagiri Solar to expand Sri Lanka’s renewable energy capacity. This collaboration offers exclusive solar discounts to customers, employees, and property owners, along with tailored financial solutions such as loans, leasing, and 0% installment plans empowering sustainable energy adoption.
Union Bank of Colombo PLC is pleased to announce the appointment of Mr. Nirvana Chaudhary as the new Deputy Chairman of the Bank, following the retirement of Mr. Trevin Fernandopulle, the former Deputy Chairman. Mr. Nirvana Chaudhary, is a Non-Independent Non-Executive Director on the Union Bank’s Board since October 2023 and is the Managing Director of CG Corp Global, a diversified multinational conglomerate with a strong presence across various sectors. CG Capital Partners, an affiliate of CG Corp Global, is also the major shareholder of Union Bank, further strengthening the strategic partnership between the two organizations. Mr. Chaudhary’s vast experience in global business strategy, leadership, and corporate governance will be instrumental as Union Bank continues to expand and enhance its services in the financial sector.
Picture Nirvana Chaudhary, Deputy Chairman, Union Bank
