Union Bank has been ranked once again in the LMD ‘Most Respected Entities in Sri Lanka’ for 2024. The rankings reveal a diverse landscape for corporate performance and resilience and is based on an exclusive survey commissioned and conceptualised by LMD and conducted by Pepper Cube Consultants.

In the 2024 rankings, Union Bank has emerged with three top rankings and has received recognition as an aspirational workplace, an entity with the highest level of ethical outlook and for its unwavering honesty and integrity.

Commenting on this recognition, Thishani Dissanayake, Vice President of Marketing of Union Bank said “ Being named a Most Respected Entity by LMD once again, is a testament to our commitment to fostering a culture of excellence and integrity. This recognition reaffirms our dedication to leading with purpose and passion, and we are proud to be acknowledged for our efforts in creating an aspirational workplace and maintaining the highest standards of ethical practices.

This recognition is timely, reflecting Union Bank’s transformative journey and the strategic vision aligned with the Bank’s recent shareholder transition. With the acquisition of the Bank’s major share by the CG Corp Global Group, this recognition underscores the added value and forward momentum of the Bank’s evolving strategy. Union Bank remains steadfast in its mission to drive financial excellence and innovation, continually creating lasting value for customers, stakeholders and the communities.

Pictured:
Thishani Dissanayake, Vice President of Marketing, Union Bank

Union Bank is excited to announce the launch of the upgraded UBgo mobile app, marking a significant milestone in the bank’s digital transformation agenda. This upgrade is a testament to Union Bank’s commitment to transforming lives through customer-centric digital innovations.

The enhanced UBgo app introduces a host of new features designed to offer a more intuitive, secure, and comprehensive banking experience. Users can now enjoy self-activation using either their Union Bank account or Justpay for non-Union Bank accounts, while advanced biometric authentication ensures heightened security. The app also includes functionality to request money from other Union Bank accounts and provides useful tools such as investment and loan calculators. A new locator feature with map navigation makes it easier to find nearby branches and ATMs, and card management capabilities allow for seamless control over credit cards. With 360-degree portfolio management, users can gain a comprehensive view of their financial status, and the new mailbox feature simplifies communication with the bank. Additionally, electronic statements are now available for easy access.

The UBgo app continues to support existing features like fund transfers, bill payments, payee management, QR payments, exchange rates, interest rates, 24/7 customer support, and access to news from BBC & CNN, train schedules, promotions, and ATM/branch locator.

This upgrade is the first phase of Union Bank’s three-phase digital transformation journey: The new upgrade focused on new UI/UX, enhanced biometric security, and customizable features and in the next phases the app will be enabled with digital account opening, improved payment options, and cash tokenization followed by integrated AI-enhanced digital banking services.

Vice President, Digital Banking at Union Bank, Manisha Fernando, stated, “With the launch of the upgraded UBgo app, we are taking a significant step forward in our digital transformation journey. Our goal is to provide our customers with a seamless, secure, and innovative banking experience. This upgrade is just the beginning; we are committed to continuously evolving our services to meet and exceed our customers’ expectations.”

Union Bank’s UBgo app is now available for download on the App Store and Google Play. For more information about the new features and the digital transformation agenda, visit www.unionb.com

Union Bank (UB) proudly announced a new Memorandum of Understanding (MOU) with the University of Moratuwa (UoM) and the National Innovation Agency to support the National Entrepreneurship Development Programme (NEDP), aimed at empowering SMEs and youth aspiring to become entrepreneurs across Sri Lanka. The MoU was signed in the presence of Nirvana Chaudhary, Chairman of Union Bank, Dilshan Rodrigo Director/CEO of Union Bank and Senior Prof. N D Gunawardena, Vice Chancellor of the University of Moratuwa.

This initiative aligns with Union Bank School of Social Entrepreneurship (UBSSE)’s vision to develop, support, and promote social entrepreneurs while providing essential access to finance. This strategic partnership draws inspiration from the NabilSSE initiative, a renowned entrepreneurship development program spearheaded by Nabil Bank, Nepal’s largest private commercial bank of the CG Corp Global Group, the major shareholder of Union Bank.

The NEDP certificate course, aims to equip participants with the skills and knowledge needed to launch and grow their social enterprises. The program will be open to Sri Lankan citizens aged 18 and above, who are passionate about driving social change and demonstrate a commitment to advancing their social enterprise ideas. The University of Moratuwa, with its tested and approved short course offerings, will co-brand the program with Union Bank and the National Innovation Agency, ensuring a robust and impactful initiative. This partnership underscores Union Bank’s commitment to fostering entrepreneurship and innovation in Sri Lanka.

Thishani Dissanayake, Vice President Marketing at Union Bank, stated, “We are proud to embark on this initiative, which reflects our commitment to fostering entrepreneurship. Union Bank’s support will encompass various aspects of the programme, including operational costs, expert fees, and facilities enhancement. Additionally, our island-wide branch network will facilitate reaching applicants across the country, ensuring broad access to the programme. We are dedicated to contributing to the development of future entrepreneurs through strategic partnerships and comprehensive support.”

The UBSSE program represents a significant step towards enhancing Sri Lanka’s entrepreneurial ecosystem and creating opportunities for aspiring entrepreneurs to achieve their goals.

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Nirvana Chaudhary, Chairman, Dilshan Rodrigo Director/CEO, Thishani Dissanayake Vice President Marketing and Nilusha Wanasinghe, Manager Corporate & Digital Communications of Union Bank

Senior Prof. N D Gunawardena, Vice Chancellor, Prof. G D Samarasinghe Dean, faculty of Business, Dr Gayithri Kuruppu Head of Dept. Industrial Management, Prof. Rohan Munasinghe, Programme Coordinator of University of Moratuwa and Prof Ajith De Alwis, Chief Innovation Officer of the National Innovation Agency.

Union Bank announced the appointment of Mr. Dilshan Rodrigo as its new Director/Chief Executive Officer, effective 16 August 2024. With an impressive career spanning over two decades in the banking sector, Mr. Rodrigo’s appointment signifies a transformative moment for the bank. Under his leadership, Union Bank aims to navigate the evolving landscape of Sri Lanka’s banking industry and become a beacon of innovation and customer-centric strategies in an era of digitalization.

Mr. Rodrigo stated that “Union Bank is committed to being at the forefront of banking innovation and service excellence. Our focus will be on harnessing our capital strength to drive growth and expand our footprint, particularly in the retail and SME sectors. We will capitalize on our well-located branches across Sri Lanka to target key areas for development and transform our digital capabilities to better serve our customers. Union Bank will also foster sustainable entrepreneurship through the Union Bank School of Social Entrepreneurship (UBSSE). The Bank’s strategic priorities will be aligned to the vision of CG Corp Global group, Union Bank’s main shareholder, led by Nepalese billionaire Dr. Binod Chaudhary. He further added that the recent stabilization of Sri Lanka’s economy offers a favourable environment for Union Bank to achieve its growth targets and emphasized the importance of leveraging past experiences to strengthen the production economy, drive value-added exports, and attract foreign direct investment “

Welcoming Mr. Rodrigo as the new Director/Chief Executive Officer of Union Bank, Chairman Mr. Nirvana Chaudhary expressed his confidence in the appointment, stating, “Dilshan’s extensive experience and dedication to digital transformation perfectly align with our vision to elevate Union Bank into Sri Lanka’s top five banks within the next 3-5 years. His leadership will be pivotal in driving shareholder value and accomplishing our strategic goals.”

Mr. Dilshan Rodrigo brings a wealth of experience from various sectors, including banking, insurance, investment banking, and apparel. His recent role was as Executive Director and Chief Operating Officer at Hatton National Bank (HNB). He has also held significant positions such as Chairman of HNB Finance PLC and Lanka Financial Services Bureau, and as a Director at HNB Assurance PLC and Guardian Acuity Management Ltd. He also serves as a Director of the Credit Information Bureau of Sri Lanka and has contributed to organizations such as the Sri Lanka Institute of Directors (SLID) and the Asian Bankers Association. He holds an MBA from Cranfield University, UK, and fellowships from the Chartered Institute of Management Accountants (FCMA) and the Association of Chartered Certified Accountants (FCCA).

Photos:
Dilshan Rodrigo, Director/CEO, Union Bank

Colombo, May 29, 2024 – Union Bank today announced that Indrajit Wickramasinghe, Director/Chief Executive Officer, will retire on August 15, 2024, as per the stock exchange release issued by the bank. In line with the succession plan, Mr. Dilshan Rodrigo, the current Deputy CEO, will assume the role of Director/CEO of Union Bank on August 16, 2024, subject to regulatory approvals.

Mr. Wickramasinghe is an industry luminary and an accomplished professional with a successful management career spanning over 35 years across local and multinational organizations in the FMCG and Financial services sectors. He has held numerous non-executive board appointments in sectors such as Insurance, Wealth Management, Stock Brokering, Property Management, Finance Companies, and Commercial Banking. Previously, he served as a Non-Executive Director of the Credit Information Bureau of Sri Lanka and as Chairman of Financial Ombudsman Sri Lanka (Guarantee) Ltd.

His most recent role encompassed a distinguished tenure as Director/CEO at Union Bank, spanning over nine years. His appointment coincided with the entry of Texas Pacific Group (TPG), a globally renowned Private Equity Group, into Sri Lanka, marking a significant milestone as the largest foreign direct investment in the country’s financial services sector at that time. Preceding this pivotal role, Mr. Wickramasinghe held the position of Chief Operating Officer at NDB Bank, where he was responsible for overseeing all business functions.

During his tenure at Union Bank, Mr. Wickramasinghe played a pivotal role in transforming the institution from a limited asset book bank to a fully-fledged vibrant commercial bank with an asset book exceeding Rs 130bn. The bank, maintaining one of the highest capital adequacy ratios in the country and recently relaunching its corporate brand identity, is well-positioned to seize the evolving market opportunities.

Mr. Rodrigo, an experienced banker with a track record of senior leadership roles across multiple industries and previously served as Executive Director/Chief Operating Officer at Hatton National Bank. Together with the bank’s leadership team, Mr. Rodrigo will spearhead the organization’s next phase of growth.

Union Bank commenced the launch of digital zones providing 24/7 Smart Banking services from its Head Office in April 2024. This was followed by the opening of several new digital zones in other area including Pettah, Rajagiriya, Kandy, Gampaha, Negombo and Kurunegala, offering customers seamless transactions including cash deposits, cash withdrawals, cardless deposits, fund transfers to UB accounts, credit card payments to UB cards and bill payments. New digital zones will also open in Ratmalana, Galle and Anuradhapura shortly.

The digital zones represent a significant step in the Bank’s ongoing digital transformation strategy, aimed at enhancing customer convenience and expanding the digital footprint. As part of its commitment to transforming lives, Union Bank continuously strives to bring the latest innovations and technological advancements to the customers.

Picture Caption: Digital Zone at Union Bank Head Office

Union Bank recently opened its newest digital zone in Pettah offering 24/7 Smart Banking services to customers and enhancing customer experience as part of the Bank’s ongoing Digital Transformation initiatives. Valued Customers of Pettah branch joined Kasun De Silva Zonal Head Zone 1A and Frank Nesarajah Cluster Head Trade Hub at the opening of the Pettah Digital Zone.

Union Assurance Diamond Awards is the most esteemed event in the Bancassurance industry and once again this year, at an exclsuive event held under the theme ‘Unbreakable Brilliance’ the Union Bank bancassurance teams excelled taking away top accolades for their outstanding performance. Over 85 winners were recognised and rewarded for their achievements and the winners received exciting prizes from cash rewards to overseas tours.

Diamond Awards individual winners were Lakshika Hedigalle (Borella) Sumith Mannaperuma ( Kuliyapitiya ) and Rajan Shanmugeswaran (Kotahena) respectively for highest referrel income earners. The individual awards CEO’s Lounge, was won by Lakshika Hedigalle ( Borella) , Sumith Mannaperuma ( Kuliyapitiya) and Devon Joseph Rebert ( Colpity – Elite Circle) respectively.

Chaminda Fernando (Zone 1B) won Best Zonal Manager, while Kasun De Silva (Zone 1A) won the award for the Highest Fee Income Generation under the Zonal Manager Category. The Annual Shield Champion Award, was won by Pettah Branch. The top rewards of the night under the Diamond Club Awards was won by Warakapola, Kuliyapitiya, Kotahena, Moratuwa, Nawala and Borella branches based on their excellent achievement of above 150% on assigned ANBP targets while maintaining premium persistency and number of policies.

Enhancing customer experience and convenience with Digital Banking Services Union Bank launched its first Digital Zone at the Bank’s Head Office located in Colombo 03 providing customers with 24/7 Smart Banking. As part of the Bank’s digital transformation strategy and extending convenient and seamless banking services the Bank will roll-out digital zones in several strategic branch locations during the year.

The Digital Zones comprise of Automated Teller Machines (ATM), Cash Recycling Machines (CRM), and automated facilities for cheque deposits, utility bill payments and more, providing round-the-clock access to essential banking services, including cash deposits, cash withdrawals, cardless deposits, fund transfers to UB accounts, in addition to credit card payments to UB credit cards as well as access to account balance details. In line with the Bank’s brand slogan, “Transforming Lives” the Bank will continue to enhance digital convenience for customers through value additions.

Making inroads into the digital banking sphere in the early 90’s, as the first bank in Sri Lanka to introduce internet banking. Union Bank has continued to enhance its digital footprint with several cutting-edge digital banking solutions including a versatile mobile app UBgo to enhance the convenience of digital banking for customers and an industry leading cash management solution BizDirect for Corporate and SME customers embedded with the latest technology, integration and digital capabilities. The Bank continues to channel considerable resources towards developing a solid IT infrastructure to support the comprehensive digital transformation initiatives.

In Picture: Digital Zone at Union Bank Head Office

Union Bank, now partnered by the strength of the global conglomerate CG Corp Global, recently unveiled a new logo that embodies the Bank’s new strategic vision and transformation. Leveraging on the brand’s rich history of over 29 years as a trusted financial services brand in Sri Lanka, the new logo has been designed as an evolution of the Bank’s previous logo which was synonymous amongst customers and publics for its strong identity, logo mark and brand colours.

At an exclusive customer networking event Dr Binod Chaudhary Chairman, CG Corp Global unveiled the new logo in the presence of Mr Nirvana Chaudhary, Chairman Union Bank, Trevin Fernandopulle, Deputy Chairman Union Bank, Indrajit Wickramasinghe Director/CEO Union Bank and Dilshan Rodrigo, Deputy CEO Union Bank amongst other key invitees.

Addressing the gathering of the Bank’s valued customers from Top Corporates, Businesses and the Elite Circle, Dr Binod Chaudhary, Chairman of CG Corp Global stated that “ CG Corp Global has been a long-term investor and partner for Sri Lanka, placing confidence in the country and its growth potential even at the most challenging times with investments spanning across many businesses. It’s foray into the financial services sector in Sri Lanka and the partnership with Union Bank adds to the groups strategic vison for expansion, aiming to develop and grow the Bank to become one of Sri Lanka’s top private commercial banks “

Showcasing the Bank’s commitment to uplifting lives through social wellbeing Nirvana Chaudhary, Chairman of Union Bank also launched the Union Bank School of Social Entrepreneurship (UBSSE) at the event. Speaking on UBSSE, he stated that “ whilst a comprehensive transformation plan is in place for Union Bank to be a formidable and active contender in the Banking sector, UBSSE will play a pivotal role in the Bank’s growth journey amplifying its commitment not only to business growth but to the entire society through knowledge, education, skills development, guidance, and social wellbeing.

Unveiling of the new logo is a milestone in Union Bank’s Transformative Brand Journey. The new payoff line ‘Transforming Lives’ amplifies the Bank’s continuous pursuit to change lives through digital transformation. Union Bank brand has been listed amongst LMD’s Sri Lanka most valuable 100 brands since 2012 and this change will add even greater value to building Bank’s brand to greater heights.

The decision to refresh the corporate logo of Union Bank was driven by strategic intent to modernize the brand image while preserving its core identity. Backed by the strength of CG Corp Global, Union Bank’s new growth journey brings to the banking publics an enhanced value proposition supported by a formidable partnership that echoes solid financial stability, digital transformation, and service excellence, all of which is now embedded in the Bank’s new logo. The new logo continues to resonate Union Bank’s brand values of trust, stability, resilience, and customer-centricity and reflects the bank’s commitment to staying relevant in an ever-evolving financial landscape and also communicates the Bank’s progressive approach and adaptability to changing market dynamics.

The contemporary design of the logo, with its strong blue continues to resonate trust, stability, and professionalism whilst the orange symbolizes optimism, prosperity, and the warmth of the Bank’s many deeply rooted customer relationships. The distinctively slanted forward look of the logo is a statement of the Bank’s commitment to being a progressive partner in driving digital leadership and service excellence.

Unveiling of the new logo is yet another initiative of the Bank’s continued transformation and its strategic approach to position itself as a robust, customer-centric entity. As the Bank forges ahead in its transformative journey, the new logo stands as a powerful representation of the vision, dedicated to meet the evolving needs of its customers while upholding the principles that have made Union Bank a trusted financial partner.

The indirect acquisition of Union Bank’s major shares by CG Capital Partners Pte Ltd through Culture Financial Holdings in 2023, marked a significant milestone in the Bank’s growth journey. CG Capital Partners Pte Ltd is an affiliate company of CG Corp Global, a multi-business Nepalese conglomerate Present in Sri Lanka since 2015, with key investments in the leisure sector amongst others.

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Dr Binod Chaudhary, Chairman CG Corp Global, Nirvana Chaudhary, Chairman Union Bank and Indrajit Wickramasinghe Director/ CEO Union Bank at the unveiling of the Union Bank’s new logo.

The Board of Directors of Union Bank of Colombo PLC announced the appointment of Mr. Dinesh Weerakkody a distinguished banker and financial advisor with vast experience as an Independent Non-executive Director, with effect from 01 April 2024.

Mr. Dinesh Weerakkody is a former Chairman of Hatton National Bank PLC and Commercial Bank of Ceylon PLC and a Director of DFCC Bank. Mr. Weerakkody is the Vice Chairman of the Employers’ Federation of Ceylon, immediate Past Chairman of the International Chamber of Commerce, Sri Lanka and the Senior Vice Chairman of the Sri Lanka Institute of Directors of Sri Lanka and Director of several companies.

He is currently an Advisor on Treasury Affairs to the President and the Chairman of the Colombo Port City Economic Commission and the Board of Investment of Sri Lanka. He is also a former Chairman of the Employees Trust Fund Board of Sri Lanka, the International Chamber of Commerce Sri Lanka and the National Human Resource Development Council of Sri Lanka. He was also an Advisor to the Prime Minister of Sri Lanka, Ministry of National Policies and Economic Affairs and to the Minister of Tourism Development and Lands.

He is a Graduate in Business Administration, a Fellow Member of the Chartered Institute of Management Accountants, United Kingdom, a Fellow Member of the Certified Management Accountants of Sri Lanka, Professional Member of the Singapore Human Resource Institute, with an MBA from the University of Leicester in England and was awarded an Honorary Doctorate from the American National Business University USA.

Mr. Weerakkody has received extensive Leadership, Economic and Finance, HR, and Management training in the UK, USA, France, Japan, Singapore and India. In 2008, he was conferred an Honorary membership by the Institute of Personnel Management of Sri Lanka for his contribution to Human Resources Management in Sri Lanka. He is a recipient of a Jaycees Ten Outstanding Young Persons Award TOYP in 1999 and the International Associations of Lions Clubs National Achievers Award in 2008 for the advancement of good governance in the public sector and the OPA Apex Award for Banking and Finance in 2022. He was conferred National Honours – Sri Lanka Sikhamani in 2019.

In a recent agreement, the United States through the United States Agency for International Development’s CATALYZE Private Sector Development (PSD) Activity has extended support to Union Bank, enhancing the bank’s efforts to foster its women-focused financial services. This impactful collaboration will promote financial inclusion by addressing the specific needs of female customers in the banking sector through in-depth market research, a robust Customer Value Proposition, and strategic linkages with Sri Lankan women and women-owned Small and Medium Enterprises (SMEs). By increasing the availability and affordability of financial products for WSMEs, USAID increases women’s economic empowerment and fosters economic growth.

In the picture representing USAID CATALYZE PSD, Juan Forero, Activity Team Lead, Delrene Seneviratne, Deputy Team Lead and Inuri Illeperuma, Senior Sector Manager, SME Competitiveness together with Asanka Ranhotty, Senior Vice President, SME and Transaction Banking, Thishani Dissanayake, Vice President Marketing and Janaka Edirisinghe, Chief Manager – Development Financing & Business Revival/Rehabilitation of Union Bank.

Union Bank recently relaunched its private banking proposition, ‘Union Bank Elite Circle,’ with a selection of new features tailored to its customers’ specific needs. The most recent transformation enhances its bespoke service and tailored financial solutions, providing customers with a world of privileges and luxuries for an exclusive banking experience. The Bank recently launched a campaign theme “The Finer Things in Life Should Extend to Your Banking,” with the goal of raising awareness about the newly enhanced product.

A team of dedicated relationship managers ensures a seamless banking experience with a wide range of financial solutions and services ranging from personalised banking and wealth management to expert advisory, reinforcing the hallmarks of personalised service. The exclusive Union Bank Elite Circle Centre, located in the heart of Colombo and the dedicated exclusive spaces across the branch network provides maximum convenience to its members.

Becoming a member gives you access to special pricings & value-added services including, preferential Interest rates on investments and loans, preferential tariffs, special rates for safety deposit lockers, insurance solutions as well as access to emergency funding options on investments and much more. With focus on providing members with wider options for investments and advisory, Union Bank Elite Circle also offers expert advisory services on tax and legal as well as fund management through its subsidiary National Asset Management Ltd.

Global access and convenience are simple with a Union Bank international VISA debit card and a Union Bank Signature Credit Card and staying connected is easy with the Bank’s digital platforms that offer scopes of banking services. As part of the privileges, members can also enjoy the free perks of the lounge at the Bandaranaike International Airport. Union Bank Elite Circle members are offered the best deals and discounts including health and wellness benefits through insurance covers from Allianz and Fairfirst at special premiums for global health covers and travel, extended payment plans with 0% instalment plans on credit cards and year-round offers from a range of exclusive merchants.

Chaya Jayawardane, Senior Vice President Retail Banking, said, “Union Bank’s Elite Circle is a banking proposition that is designed to understand the distinctive needs of an exclusive clientele. Whilst highlighting the Bank’s focus on further enhancing service levels, the newly upgraded Union Bank Elite Circle redefines the personalised banking experience placing even greater emphasis on customer relationship management combined with customized financial solutions”.

In Picture: Chaya Jayawardane, Senior Vice President Retail Banking.

Union Bank announces the appointment of Mr. Dilshan Rodrigo as the Deputy Chief Executive Officer with effect from 15 January 2024.

Mr. Dilshan Rodrigo is a top banking professional with an impressive track record with over two decades of Banking experience. He last served as the Executive Director/Chief Operating Officer at Hatton National Bank (HNB), where he has played a catalyst role in the bank’s transformation and cultural change by being the driving force towards centralization, automation, outsourcing and recognized for driving a performance culture through training, talent acquisition and introducing several breakthrough cost optimization initiatives.

Mr. Rodrigo has held many senior positions in multiple industries ranging from banking, insurance, investment banking and apparel. He presently functions as a Director of the Credit Information Bureau of Sri Lanka and has served as Chairman of HNB Finance PLC and Lanka Financial Services Bureau. He has held many Directorships at recognised corporates including HNB Assurance PLC and Guardian Acuity Management Ltd. Mr. Rodrigo serves on the councils of the Sri Lanka Institute of Directors (SLID) and was the Chairman Policy Advocacy Committee of Asian Bankers Association (Taiwan) during 2011/12 and 2019/20. He has also served on local councils of CIMA, ACCA, and Risk Professional Forum the latter two as President for two terms. He has taught on various undergraduate and postgraduate programmes (CIMA, ACCA, PIM MBA) for over a decade. Mr. Rodrigo holds an MBA from Cranfield University UK, FCMA UK and FCCA UK.

Commenting on the appointment Mr Indrajit Wickramasinghe, Director/CEO of Union Bank stated that ” I am delighted to welcome Dishan Rodrigo to Union Bank, as its Deputy CEO. Dilshan will be playing a pivotal role in driving the Bank’s next phase of growth. I am confident that with his wealth of leadership experience in the financial services sector, he will be a valuable addition to our leadership team.”

Backed by the strengths of the formidable CG Corp Global group, Union Bank remains dedicated to providing innovative financial solutions and maintaining its position as a trusted banking partner for its customers.

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Dilshan Rodrigo, Deputy Chief Executive Officer, Union Bank

Union Bank announced the appointment of Mr. Nirvana Chaudhary as the Chairman of Union Bank with effect from 21 December 2023. Mr. Chaudhary was appointed as a Non-Executive, Non-Independent Director to the Union Bank Board in October 2023. Mr Chaudhary has extensive experience as a business leader and is presently the Managing Director of CG Capital Partners Global Pte Ltd and Chairman of several companies within the global conglomerate CG Corp Group of Nepal. He holds a Bachelor of Business Administration and a Master of Business Administration (MBA) from Kathmandu University, Nepal and has completed the Entrepreneurial Masters Programs at London Business School, UK and Massachusetts Institute of Technology, USA.

Union Bank also welcomes the appointments of Mr. Malay Mukherjee and Mr. Sanjay Pokhrel to its Board of Directors.

Mr. Malay Mukherjee is an experienced banker with over 42 years of experience in Audit, Risk, and IT, and was appointed as a Non-executive, Non-independent Director of Union Bank in October 2023. Mr Mukherjee has held many key positions in the banking sector in India and presently serves as a Director of Nabil Bank Limited, Nepal where CG Corp Global is the major shareholder. He holds a Master of Science (MSc) in Physics from Banaras Hindu University, India and was awarded an Honorary Fellowship in Banking and Finance from the Indian Institute of Banking and Finance, India.

Mr. Sanjay Pokhrel was appointed as a Non-Executive, Non-Independent Director of Union Bank in November 2023. Mr Pokhrel is a highly experienced financial expert and a Chartered Accountant with extensive experience in Investment Management, Mergers and Acquisitions, and Asset Management. Currently, he is the Head of Mergers & Acquisitions at CG Corp Global in Dubai.

These appointments bring a wealth of experience and expertise to Union Bank marking a strategic move to strengthen and diversify its strategic capabilities and leadership and come at a pivotal time, reflecting the Bank’s commitment to fostering growth, innovation, and excellence in banking services.

John Keells Properties, a pioneer in Sri Lanka’s real estate sector has partnered Union Bank, to provide innovative and attractive mortgage solutions for ‘Viman’ Ja-Ela, John Keells Properties’ latest residential project, providing customers with enhanced financial flexibility and seamless access to their dream homes.

In today’s financial climate, marked by a reduction in interest rates and low yielding fixed income options, real estate stands out as a compelling opportunity. The innovative mortgage packages provided by Union Bank, in collaboration with John Keells Properties, enables prospective homeowners to access customized financing options making Viman Ja-Ela’s modern residences more accessible, and realize aspirations of living in their dream home.

Commenting on the partnership, Rusiru Abeyasinghe, Head of Asset Management – John Keells Properties and Vice president – John Keells Group said, “The partnership highlights John Keells Properties’ dedication to providing innovative solutions that prioritize the financial well-being of our customers, empowering buyers to invest in a future without compromising their lifestyle. With its exceptional connectivity, green surroundings, and commitment to sustainable living, Viman Ja-Ela is set to redefine modern living and create a true sense of community in a serene environment enabling more aspirants to easily invest in their dream home while revolutionizing homeownership.”
Chaya Jayawardane, Vice President Retail Banking – Union Bank, added, “We are pleased to partner JKP on this landmark project that will truly redefine modern living. We believe it is an ideal time for aspiring homeowners and investors as we have created flexible and empowering mortgage solutions for Viman Ja-Ela. Our innovative financing options ensure individuals can become homeowners or expand their investment portfolio while enjoying financial peace of mind.”

Located in the heart of Ja-Ela, Viman offers 418 thoughtfully designed apartments spread across 6 acres. With lush green open spaces, solar power and a range of amenities, the project aims to blend urban convenience with ecological living.

Viman Ja-Ela’s strategic location offers excellent connectivity to Colombo while retaining the vibrancy of small-town living. Homebuyers can benefit from the project’s close proximity to conveniences such as supermarkets, restaurants, schools and hospitals.

John Keells Properties continuously aims to raise benchmarks in sustainable, community-centric residential developments. The partnership reiterates their commitment to prioritizing customer aspirations by facilitating accessible home financing options.

To learn more about Viman Ja-Ela and available mortgage packages, contact John Keells Properties on 0706 062 062.

In the Picture: – Chalith Perera-Head of Asset Sales, Union Bank, Malinda Perera-Vice President, Liability & Asset Sales, Service Quality and Contact Centre, Union Bank and Chaya Jayawardana, Senior Vice President – Retail Banking, Union Bank. Together with Rusiru Abeyasinghe- Head of Asset Management – John Keells Properties & Vice President – John Keells Group, Nadeem Shums-Head of Sales & Marketing, John Keells Properties & Vice President-John Keells Group, Roshanara Hatch, John Keells Properties- Manager Sales, Shafeeka Gunasekara- John Keells Properties- Head of Marketing and Kanishka Herat- John Keells Properties, Manager Legal.

We refer to the proposed acquisition of Culture Financial Holdings Ltd. (a substantial shareholder of shares in Union Bank) by CG Capital Partners Global Pte. Ltd. that was announced in December 2022. On 24 October 2023, the Board of Directors of Union Bank received formal notification that the transaction has been completed and the Colombo Stock Exchange (CSE) has been notified of the same.

Through its ownership in Culture Financial Holdings, CG Capital Partners Pte Ltd., is now the main shareholder of Union Bank. CG Corp Global (CG) takes pride as one of the leading conglomerates in Asia with over 160 companies and 123 brands in the global market with the strength of more than 15, 000 employees. It is a major player in many industries such as banking and finance, hospitality, cement, hydropower, telecommunication, and education. The company is a major player in the financial services sector in Nepal and Nabil Bank where it is the largest shareholder and is listed as the largest private bank in the Nepalese Stock Exchange.

This is not the first time CG has set its sights on Sri Lanka. It holds major shares in several high-end properties, luxury hotels and resorts across the country and is further expanding its investments towards the financial services sector as well. This comes as a reaffirmation of its commitment to Sri Lanka, by being a source of support and strength during these challenging and transitioning times, whilst reiterating the foreign investor confidence in Sri Lanka. This is a major milestone for Union Bank to have such an international powerhouse as the main shareholder.

Dr Binod K. Choudhary, Chairman of CG Corp Global said, “This is a major investment towards the financial service sector in Sri Lanka and to Union Bank. The Bank has had a strong track record and has further potential to grow and do greater things to achieve more milestones in the banking sector. We are taking a strategic growth approach to make Union Bank to be amongst the top private commercial banks in Sri Lanka. This growth expansion could see further consolidations and acquisitions. The acquisition and transition of Nabil Bank to become Nepal’s largest bank is a fine example. Based on CG’s core competencies and expertise, we want to also look at the possibility of Union Bank’s expansion to emerging and frontier markets such as Africa, Nepal, and Bhutan. It is great to be associated with this well-reputed and well capitalised bank in Sri Lanka. I believe, together much can be done as we move forward.”

lndrajit Wickramasinghe, Chief Executive Officer of Union Bank said, “Union Bank has established itself as one of the leading and reliable banks in the country. The partnership with CG Capital Partners Pte Ltd., will be an immense boost to the bank’s next stage of growth, its staff, and its customers as it progresses to take on new opportunities. Being amongst the banks with a highest Capital Adequacy Ratio, this partnership reaffirms the bank’s financial stability and further supports its future strategic expansion and will act as a catalyst for the bank’s growth journey”.

About Union Bank

With over 28 years of experience in the financial services sector in Sri Lanka, Union Bank offers a complete range of products and services to customers in the personal, corporate and SME banking segments with an island-wide branch network. Listed in the Colombo Stock Exchange, since 2011 Union Bank continues to remain resolute with a strong capital position well above the regulatory requirements. The Bank’s strategic diversifications include National Asset Management Limited (NAMAL), Sri Lanka’s premier asset management company and UB Finance Company Limited. Brand Finance has ranked Union Bank amongst Sri Lanka’s most valuable one hundred brands since 2012. For more information, visit: www.unionb.com.

About CG Capital Partners

CG Capital Partners Global Pte Ltd is an affiliate company of CG Corp Global. Established in 1935, CG Corp Global is a multi-business conglomerate synonymous as a Global Growth Company in Asia. Headquartered in Dubai, UAE with a strong presence in 35 countries, its core competencies include food and beverages, financial services, infrastructure, real estate, and hospitality. For more information visit: www.cgcorpglobal.com

Media Contact.

Union Bank: Thishani Dissanayake, Vice President, Marketing
CG Corp: Ajani Wijesiriwardana, Head of Operations – Sri Lanka +94777370227

As the fourth largest coconut-producing country in the world, Sri Lanka’s coconut industry is a key contributor towards Sri Lanka’s economy.

As part of its efforts to develop Small and Medium Enterprises (SMEs) and build sustainable businesses, Union Bank through the “Kapruka Ayojana” Credit Line continues to uplift and support coconut cultivators with funding and advisory. SMEs/Coconut Growers can obtain loans up to Rs. 3.0Mn through this loan scheme for various development activities.

Union Bank’s Chief Manager, Development Financing & Business Revival/Rehabilitation, Janaka Edirisinghe said, “Coconut is a multipurpose perennial crop and farmers have to wait at least five to seven years to earn a proper yield. Therefore, farmers are hesitant to take loans for cultivation activities. Hence “Kapruka Ayojana” Credit Scheme assists farmers by providing loans up to Rs.3.0Mn with a very attractive fixed interest rate of 8% p.a.”.

The “Kapruka” credit scheme provides financial guidance towards the realisation of higher productivity and steady income by ensuring optimum utilisation of available resources in the land, through scientifically developed individual farming plans.

The Bank provides loans for many development activities of coconut estates including, new planting, replanting & rehabilitation of coconut, inter-cropping, animal husbandry projects & purchase of machinery/equipment. The cultivators have up to five years period for the repayment of the loans which includes a grace period of 12 months. Further, the coconut cultivators are entitled to a partial interest reimbursement from the Coconut Cultivation Board which will further reduce their financial costs.

Union Bank over 25 years has supported the growth of SME businesses, providing funding and access to special grants including the Tea Smallholder Credit Line (TSHCL) and customized schemes for women entrepreneurs.

Small and Medium Enterprises (SMEs) is considered the backbone of the country’s economy and is a diverse sector, that massively supports Sri Lanka’s socio-economic development. The sector largely contributes to the country’s GDP and acts as the main employment provider.

Over 25 years, Union Bank has provided its services to support and develop SMEs across Sri Lanka. In addition to supporting the development and growth of SME businesses in diverse sectors, the Bank takes pride in supporting Female Entrepreneurship and has been instrumental in continuously providing and enhancing its services towards building women-led businesses and women entrepreneurs. Amongst its financial solutions to this sector, the Bank through its SME credit line focuses and provides grants for women entrepreneurs. Through this credit line women entrepreneurs are guaranteed a 10% grant with selected sectors receiving up to 25% of the loan value.

Union Bank’s Chief Manager, Development Financing & Business Revival/Rehabilitation, Janaka Edirisinghe said, “Union Bank is proud to support and empower women entrepreneurship. The Bank has provided several support initiatives including funding, advisory services and skill development. We are happy to see over 60% participation from women entrepreneurs in workshops conducted for SMEs and their interest in the Bank’s SME Credit Line. In addition to grants, the Bank’s support initiatives provide access to women entrepreneurs opportunities to enhance their knowledge and skills development and know-how on business sustainability. This sector faces numerous challenges on financial reliability due to the accessibility to funding. The Bank continues to provide funding to this sector and has distributed significant amounts of funding in the past year and plans are underway to launch several other support initiatives as well to encourage women entrepreneurship.

Picture Caption: Janaka Edirisinghe, Chief Manager, Development Financing & Business Revival/Rehabilitation of Union Bank

The Small Medium Enterprise (SME) sector is a key driver for change of inclusive economic growth, regional development, employment generation and poverty reduction and is the backbone of the economy in Sri Lanka. Supporting this National agenda for the development of the sector, for over 25 years, Union Bank has provided its services to uplift SMEs through a comprehensive range of financial solutions and advisory services that are flexible and customised to meet the growing needs of diverse industries from Manufacturing, Power and Energy, Transportation to Professional Services. In addition, Union Bank has also been committed to uplifting other sectors such as agriculture, agro-processing, manufacturing, fisheries, tourism, animal husbandry and export businesses through its SME Line of credit.

Union Bank’s SME line of credit is a loan that supports the long-term sustainability of businesses. It offers funding options such as Long-term Investment Loans and Joint Investment Loans with Working Capital. This facility supports various investment ventures of SMEs and offers loans up to LKR 50 million for Capital Investments such as the purchase of new machinery, equipment and installation, purchase of furniture and fittings, refurbishments/renovations of buildings and Working capital financing. SMEs under the category of an annual turnover of LKR 750 Mn with employees less than 300 are eligible to apply for funding through this facility.

Recognising the importance of female entrepreneurship, Union Bank’s line of credit offers a 10% grant to female entrepreneurs. Developing this growing sector to build sustainable businesses, under this grant scheme, Union Bank has already distributed substantial funding among deserving women-led SMEs. The Bank conducts various advisory initiatives with the participation of top professionals and leaders from diverse industries. Those who have completed the associated training are eligible to enjoy an additional grant of 10% of the principal loan amount. Women entrepreneurs in Uva, Sabaragamuwa, and the North and Eastern provinces are eligible to enjoy an additional 5% of the principal loan amount, and if associated training has been completed, they are eligible to obtain up to 25% of the principal loan amount as a grant.

Commenting further, Union Bank’s Senior Vice President SME & Transaction Banking, Asanka Ranhotty, said ‘’ Union Bank’s Line of Credit continues to support many long-standing entrepreneurs and has been building sustainable businesses across Sri Lanka. The Bank’s focus on women entrepreneurship also provides an opportunity for women to follow their entrepreneurial dreams whilst getting grants and additional benefits to enhance their knowledge and skill for business growth”.

Picture Caption: Senior Vice President SME & Transaction Banking of Union Bank, Asanka Ranhotty

Orient Insurance Limited announce that that they have reached yet another milestone in their growth through a collaboration with Union Bank, for Bank Assurance services. The Bank services its customers through 67 branches island wide, and by engaging with the Bank, Orient Insurance acquires wider scope to provide extended coverage in offering General Insurance solutions to their valued clientele. The initiative offers a raft of affordable General Insurance solutions to the Bank’s account holders, corporate clients, and new clients who seek financial solutions.

Orient insurance is committed to take General Insurance solutions closer to customers doorsteps with a view to enhance the penetration of insurance in Sri Lanka, and this relationship with Union Bank further strengthens the reach to accomplish this task, where quality and affordable General Insurance solutions can be offered tailored to the bank’s customers’ requirements.

Orient Insurance Managing Director, Mr.Tanuj Edward commenting on this occasion mentioned that “Orient Insurance is proud to partner with Union Bank, one of the recognized private banks in Sri Lanka to jointly increase reach and meet the protection requirements of their customers.

Union Bank’s Senior Vice President-Retail Banking Ms.Chaya Jayawardena Rajapaksa stated that this partnership reaffirms the Bank’s continued efforts to expand its Bancassurance services and provides customers the flexibility and convenient access to a range of general insurance solutions, including motor, marine, fire and travel.

Commenting on this latest initiative, Senior Vice President, Sales & Distribution, Mr.Rochana Kulatunge at Orient Insurance says, “We are delighted to collaborate with Union Bank, and work with their branch network to provide their customers with competitive solutions, and plans backed with specialized customer service

Orient Insurance, and Union Bank, wish to assure their existing, and prospective customers that under this relationship their reach and offering will expand, and open up a completely new paradigm of customer experience round the clock.

Picture: From left: Union Bank Head of Bancassurance Dasun Siriwardana, Vice President Retail Liability Products and Alternate Channels Manisha Fernando, Senior Vice President Retail Banking Chaya Jayawardane, Orient Insurance Managing Director and CEO Tanuj Edward, Senior Vice President Sales and Distribution Rochana Kulatunge and Assistant Vice President Corporate and Alternate Channels Saman Jayasena

In a move that promises to expand the bancassurance footprint in Sri Lanka, Union Assurance and Union Bank have extended their alliance for 7 years. The renewal of the exclusive partnership agreement on 19th May, 2022, is a milestone that reinforces a very successful relationship.

The agreement was signed by the Chief Executive Officer of Union Assurance PLC, Jude Gomes, and the Chief Executive Officer of Union Bank, Indrajit Wickramasinghe. The event was also attended by the Chief Bancassurance Officer of Union Assurance, Vindya Cooray, Senior Vice President, Retail Banking at Union Bank, Chaya Jayawardane, Vice President, Retail Liability Products & Alternate Channels at Union Bank, Manisha Fernando, and Channel Head of Union Assurance, Chamara Nadhishantha.
Union Assurance, a trailblazing Life insurer, and Union Bank have enjoyed a fruitful relationship that has, over the years, greatly benefitted bancassurance customers. The partnership commenced in 2016 and has been exclusive since 2018.

The Chief Executive Officer of Union Assurance, Jude Gomes said the renewal of the exclusive partnership was a win-win move. “It will enable us to continue providing a range of best-in-class Life Insurance solutions to the bank’s valued customers along with an unmatched customer-centric experience,” he emphasised.
According to Mr. Gomes, the alliance with Union Assurance further supports expanding the scope and reach of bancassurance in the country. “Our partnership will help narrow the protection gap while empowering the Sri Lankan dream,” he said. He added that service excellence, innovation, and digital convenience are integral aspects of bancassurance.

Commenting on the partnership extension, the Chief Executive Officer of Union Bank, Indrajit Wickramasinghe said that Bancassurance is a fast-growing field, and it adds to the Bank’s value proposition to its customers by providing enhanced financial solutions with long-term protection and a sense of security in these uncertain times.
The Chief Bancassurance Officer of Union Assurance, Vindya Cooray said the relationship with Union Bank will continue to grow stronger. She noted that the alliance has reinforced its position as Sri Lanka’s leading bancassurance provider. “We will continue to empower banking customers with our innovative solutions coupling protection and investment, strong expertise, and sound financial advice,” she asserted.
The Union Assurance-Union Bank partnership has enhanced the portfolio value of both companies and paved the way for sustainable business growth. It has also empowered the bank’s customer base by facilitating access to a broad range of innovative Life Insurance solutions under one roof while fulfilling their banking needs.
Union Bank is one of Sri Lanka’s highest capitalised banks with over 25 years of service and is supported by the strength of the global investment firm TPG. With a solid foundation etched with financial stability and international know-how, Union offers a full range of products and services to Retail, SME, and corporate segments. More details on Union Bank and its products and services may be obtained by dialing its 24-hour Contact Centre on 011 5800 800 or by visiting the corporate website via www.unionb.com.

Union Assurance is a part of the John Keells Group. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs. 17.9 Bn, a Life Fund of Rs. 49.7 Bn and an investment portfolio of Rs. 58.5 Bn as of March 2022. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With an over 3,000-strong workforce, the Company has been recognised as a Great Place to Work© for nine consecutive years. Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry with being the number one for Million Dollar Round Table (MDRT) in Sri Lanka in 2021.

Union Bank maintained a steady growth momentum reflecting the determined pursuit of its business strategy, primarily driven by the Bank’s core banking performance in the first six months of 2021. Whilst cautiously managing the risks within its business operations, the Bank continued its support to impacted customers with the extension of debt moratoria in line with the relief measures mandated by the Central Bank. The Bank also maintained a strong liquidity and capital position throughout the year, and the latest Fitch review in September 2021 reaffirmed Union Bank’s rating at BBB(-) with a stable outlook; driven by
several key factors including high liquidity, significantly higher capitalisation and potential for growth under improved operating conditions.

The Net Interest Income (NII) of the Bank increased by Rs. 387Mn to Rs. 4,257 Mn in 2021, reflecting a YoY growth of 10%. The interest income of the Bank was impacted by lower AWPLR that prevailed during the year and the extension of CBSL’s new credit relief schemes for impacted borrowers. However, NII benefited from the reduction in liability interest expense at a faster pace of 33.1% over the corresponding year. Net Interest Margin (NIM) increased from 3.2% in 2020 to 3.5% in 2021. NIM for the current period would have been 3.7% if the return from investment in units were considered as part of interest income.
Return from investment in units was Rs. 261 Mn and has been recorded under net fair value gains/losses from financial instruments at fair value through profit and loss.

the Bank’s loans and advances stood at Rs. 67,835 Mn by year-end, marginally higher than in the corresponding year. The portfolio growth was primarily driven by Corporate, SME and Credit Cards while focused efforts for prudent credit growth and portfolio consolidation were continued throughout the year across Retail, SME and Corporate Banking segments of the Bank. The Credit Card business growth was propelled by numerous acquisition strategies and attractive offers that included 0% installment plans for easy repayments, balance transfer options and special seasonal discount schemes at over 100 merchant partner outlets with the aim of acquiring new customers and gaining wallet-share of the existing customers. The SME credit portfolio too saw growth during the year, owing to focused efforts on empowering selected industries and businesses in line with the national agenda for SME revival.

The deposits base stood at Rs. 83,416 Mn as at year-end. Despite the low-interest rate regime, the Bank maintained a healthy Current Accounts and Savings Accounts (CASA) mix of 30%. While the Bank followed a prudent deposit mobilization strategy which was reflective of subdued loan growth, the Bank continued to maintain its strong liquidity position throughout the year.

Despite extending fee waivers in compliance with the CBSL guidelines, the Fee and Commission income of the Bank for 2021 increased by 21% YoY to Rs. 1,054 Mn, driven by fee income generated from Credit and Debit Cards, Trade and Remittances.

Net trading and other income decreased by 41% to Rs.778 Mn in 2021 mainly due to the exceptional performance by Treasury in 2020 and the Treasury performance being impacted in 2021 by the reductions in trading opportunities, shortage of foreign exchange and the exchange rate volatility that prevailed throughout the year. Income from investments in unit trusts also decreased to Rs.261 Mn in 2021 from Rs. 321 Mn in 2020. Consequently, total capital gains, including income from unit trusts declined to Rs. 421 Mn in 2021 from Rs. 1,153 Mn in 2020. However, other operating income of the Bank increased to Rs. 339 Mn, reporting a YoY increase of 94.7% mainly due to foreign exchange gains.

The total operating income of the Bank was Rs. 5,895 Mn in 2021. The Total Operating Expenses decreased by 2.4% YoY to Rs. 3,680 Mn, as a resultant effect of the Bank-wide cost management initiatives implemented throughout the previous years.

The gross NPL ratio of the Bank improved to 5.65% in December 2021 from 6.05% in December 2020, aided by continued focus on managing its portfolio quality amidst the deteriorating macro-economic conditions.

The impairment charge for the year under review was Rs. 933 Mn and was a 26.8% increase YoY. The prevalent macro-economic environment brought forth further challenges to credit quality management, hence, the Bank recognised additional impairment on risk elevated sectors, successive moratoria and on restructured facilities, in order to manage future challenges. Impairment charges were also recognised on Sri Lanka Development Bonds (SLDBs) resultant from the sovereign rating downgrade by the rating
agencies.

Union Bank’s Profit after tax for the year 2021 was Rs.765 Mn and reported a 32.7% growth YoY. The reduction in the corporate income tax rate by 4% lead to a positive impact on the income tax charge for the year. The share of profit of equity accounted investees was Rs.66 Mn. This contribution was derived mainly through the Bank’s subsidiary, UB Finance Limited.

The Bank continued to maintain its capital adequacy ratios well above the minimum regulatory requirements and reported a healthy Total Capital Ratio of 16.47% as at the reporting date. The Tier 1 Capital Ratio stood comfortably above the minimum requirements at 15.51% as at year end. The Group consisting of the Bank and its two subsidiaries, UB Finance Company Limited and National Asset Management Limited reported a Profit After Tax of Rs. 850 Mn reporting a 37% growth over the
corresponding year. Total assets of the Group were Rs. 124 Bn. The Bank accounts for 95% of the Balance Sheet of the Group and hence the Group performance is mainly propelled by the Bank. Maintaining healthy liquidity levels and uninterrupted operations amidst challenges, while ensuring employee and customer safety remained key management priorities for Union Bank when operating in a highly volatile environment throughout the year 2021. The Bank continued its close engagement with Retail, SME and Corporate customers despite limitations and restrictions, to identify their unique challenges and provide necessary banking assistance including the efficient roll-out of the CBSL relief schemes.

In line with its strategic focus on digital banking and enhancing its digital prowess during the year, the Bank introduced its enhanced mobile app under the brand name ‘UBgo’, which is enriched with capabilities of QR payments and instant top-ups from other Banks enabled by JustPay, thus making banking more accessible and simplified to customers. This was a step forward in the direction of revolutionizing the digital banking experience of its customers as the Bank plans to continue to invest in and enhance its digital banking channels further in the future. The Bank’s award-winning, revolutionary Cash Management Solution BizDirect continued to be extended as a value addition to Corporate and SME customers, which proved to be a key digital enabler for efficient and effective liquidity management for businesses during these challenging times. In line with its envisaged digital transformation in the year 2022 and beyond, Union Bank invested in a major upgrade to its data centre in 2021, with state-of-the-art IT infrastructure equipped with the latest technologies that are expected to further enable greater customisation and innovation capabilities, along with heightened security standards, reliability of systems and better disaster recovery capabilities.

Commenting on the Bank’s financial performance of the year, Director/Chief Executive Officer Indrajit Wickramasinghe said “When operating amidst a turbulent macro-economy, the Bank prioritised its focus on undisrupted service delivery and prudent business growth. Aided by a robust Business Continuity Plan and sound risk management strategies, the Bank remained committed to the pursuit of supporting its customers, staff and other stakeholders throughout the evolving phases of the pandemic in 2021. Due to
agile strategic maneuvering, Union Bank withstood a challenging year with sound liquidity, strong capitalization and a healthy performance. The year 2022 rings in more optimism and hope as the world is emerging from the worst of the Covid-19 pandemic, prompted by the successful vaccination drive. The Bank is well poised to capitalize on the emerging opportunities within the market, and the year 2022 will be a continuation of the strategic pursuit for creating and protecting value for our stakeholders while ensuring the safety and well-being of our customers and staff members.”

Union Bank recently concluded a major upgrade to its primary and disaster recovery data centres. The upgrade encompassed enhancements to network infrastructure, hardware, back-up solutions, security infrastructure, enterprise storage and monitoring solutions.

With the implementation of this latest upgrade to its data centre, the Bank now boasts of state-of-the-art IT infrastructure equipped with the latest technologies that include Software Defined Network (SDN) and Application Centric Infrastructure (ACI). These new technologies are expected to improve the reliability of the systems with higher availability and better disaster recovery capabilities. The Data Centre investment also certifies industry-standard security and proactive monitoring capabilities that ensure reduced service interruptions, while further enabling greater customisation and innovation capabilities, in support of the Bank’s envisioned, accelerated digital transformation initiatives.

Commenting on the successful Data Centre upgrade, Chief Information Officer of Union Bank Nisala Kodippili said “We are operating in an era when not only is technology transforming at a rapid rate, but technology is rapidly changing the lives of people and the way business is done. This major upgrade to our data centre comes in time for the Bank to prepare for its next phase of digital transformation, which will lead to deployment of novel solutions that would deliver a unified, holistic user-experience to our stakeholders. The new Data Centre upgrade will therefore empower the delivery of 360-degree service enhancements that would augment the User Experience, Customer Experience, Multi Experience as well as Employee Experience.”

Clarifying the key benefits of the Data Centre upgrade, Mr. Kodippili further added “with the recent upgrade, our system is now hosted at a Tier III datacenter that assures 99.98% up time and outage free maintenance capabilities. This means our customers will now be entitled to more robust banking conveniences along with advanced data security through multiple security layers, automated back-ups and timely patch management amongst others. Enhanced security levels are a key feature of the new Data Centre and is a great enabler especially in the current times when security of information has become a great concern amidst rising threats. The data centre upgrade also allows for unplanned disaster recovery activities with no disruptions, which has become a necessity for successful business continuity planning amidst rising uncertainties in the external environment. It has also increased our production capacity, thus improving our capability for faster deployment of new initiatives, alongside optimized infrastructure costs that will augur well for the Bank’s envisioned plans for digital transformation”.

As part of its strategic view to continuously enhance customer experiences, Union Bank continues to invest in enhanced IT infrastructure that allows the Bank to deploy novel and timely financial solutions to meet the emerging needs of its diverse clientele that include Retail, Corporate and SME Banking customers. The Bank’s strategic approaches that include customised products, extended access points and tech-enabled conveniences are well-synced to deliver a positive banking experiences to its customers.

Union Bank supported by the strength of TPG, the US based global private investment firm with over US$85 billion in capital under management and an extensive global network with significant presence in Asia and Europe. With a solid foundation etched with financial stability and international know-how, Union Bank is amongst the highest capitalised private commercial banks in Sri Lanka, offering a full range of products and services to personal and commercial financial sectors.