Union Bank announced that its mobile app UBgo has now been further enhanced with the JustPay payment solution from LankaPay to enable seamless payments.
In this phase of its development with the JustPay integration, UBgo users will experience the convenience of drawing funds from any other bank to ‘Top up’ their Union Bank Current or Savings account instantly. The integration with JustPay will enable UBgo app users to make payments, transfers and carry out transactions all in one app without switching between several banking apps, by simply drawing funds from other bank accounts to manage all their lifestyle payments with ease. This would also help UBgo app users to keep a better track of their payments and expenses by ensuring that the payments are all made through the Union Bank account on the UBgo app. The JustPay integration on UBgo will also be beneficial at a time of emergency where users could simply draw funds from any of their other bank accounts to meet emergency payment requirements instantly, without the hassle of running to an ATM, visiting a branch or even switching between apps.

Commenting on the latest development on the app Assistant Vice President and Head of Retail Liability Products & Alternate Channels at Union Bank, Manisha Fernando said, “We have continued to collaborate with the national payment services provider LankaClear (Pvt) Ltd to further enhance our user experience on UBgo. With the integration of JustPay facility, UBgo users can easily top up their accounts at Union Bank from any other bank linked with the JustPay facility. In doing so, they will be able to have all their bank accounts on one app, and this would enable them to make retail payments using the UBgo app and the Lanka QR facility or even make payments online or make real time fund transfers using their app while ensuring that sufficient funds are available in their Union Bank accounts. This is another step taken in the direction of developing this key digital banking channel to provide an increasingly convenient and contact-less banking experience to our customers, especially during these times that call for social distancing and minimised exposure. UBgo will continue to be enhanced in the months to come, where customers will be able to benefit from the banking app in terms of cost-effective, seamless payment and transaction conveniences along with greater security for their banking transactions.”

To draw funds using the JustPay facility on UBgo, users can simply login to the app, add their other bank account number they wish to draw funds from, enter the amount and top-up the selected Union Bank account. The funds will be made available real-time, and this can be viewed on the app by checking their Union Bank account details.
The services of the app and the JustPay feature is available to all Union Bank account holders. Existing UBgo app users are required to download the upgraded app to activate the Top Up and go facility. To learn more about this feature or to register for the Union Bank Mobile app, Union Bank accountholders may contact the Bank’s 24-hour customer service hotline on 0115 800 800 or refer the Bank’s corporate website www.unionb.com .

The Board of Directors of Union Bank announced the appointment of Mr. Trevine Fernandopulle as the new Deputy Chairman with effect from 30th August 2021. The Board also announced the retirement of the current Deputy Chairman Mr. Sabry Ghouse from his services on the Board from 29th August 2021, upon completion of his nine-year service period as per the corporate governance directions issued by the Central Bank of Sri Lanka.
It further announced the appointment of Mr. A.S. Ibrahim as an Independent, Non-executive Director to the Union Bank Board with effect from 15th August 2021.
The Deputy Chairman designate, Mr. Trevine Fernandopulle has served the Union Bank Board since 2017 as an Independent, Non-executive Director and he also serves on a number of Board committees of the Bank, providing astute counsel and guidance to the Bank’s management in driving its operations. He is a veteran Banker with over 40 years’ experience in the financial services sector. Prior to joining the Union Bank Board, he served as the Group Chief Risk Officer/Executive Vice President – Risk of the DFCC Group and as the Chief Risk Officer at Bank of Ceylon. He was also the Deputy Chief Executive Officer (DCEO) of HSBC Sri Lanka where he served for 30 years and acquired wide knowledge and exposure to international banking and risk management specialisms; having provided leadership to numerous functions including Risk Management, Foreign Exchange and Treasury, International Trade, Corporate Banking and Retail Operations.
Mr. Fernandopulle is the Chairman of AMW Capital Leasing and Finance PLC (an Al Futtaim Group Dubai
owned company) and the Board of Trustees of Joseph Frazer Memorial Hospital. He also serves on the
Board of Continental Insurance Lanka Ltd., Enterprise Ceylon Capital (Pvt) Ltd., and National Insurance Trust Fund. He is a Past President of Chartered Institute of Bankers (Sri Lanka Branch) and, a Founder Member/past Vice President of the Association of Banking Risk Professionals of Sri Lanka. Mr. Fernandopulle holds a BSc. (Mathematics) from Imperial College, University of London (UOL), an MSc (Statistics) from the London School of Economics, UOL and is also an Associate/ Fellow of the Chartered Institute of Bankers, London.
The newly appointed board member Mr. A. S. Ibrahim has over 37 years of banking experience primarily in the areas of Corporate Banking, Treasury Management and Risk Management. He served as the Chief Executive Officer of People’s Leasing & Finance PLC from July 2017 to November 2020. Mr. Ibrahim has held very senior positions both locally and internationally including, Senior Deputy General Manager, Wholesale Banking and Senior Deputy General Manager, Risk Management of People’s Bank, Deputy General Manager, Head of Treasury, Head of Corporate Banking and Recoveries, Chief Risk Officer and Chief Credit Officer of Hatton National Bank PLC and Head of Credit and GSAM of Standard Chartered Bank.
Mr. Ibrahim was a Director of People’s Insurance PLC, People’s Merchant Finance PLC, People’s Leasing Fleet Management Limited, People’s Leasing Havelock Properties Limited, People’s Micro-Commerce Limited, People’s Leasing Property Development Limited and Lankan Alliance Finance Limited in Bangladesh and currently serves on the Board of Fintrex Finance Limited. He holds an Honours Degree (BSc) from the University of Colombo and is a Fellow of the Chartered Institute of Bankers – UK (FCIB).
The appointments further consolidate the strength of the Union Bank Board and will add immense value and distinction to the strategic direction of the Bank. The Board also expressed their sincere thanks and gratitude to Mr. Sabry Ghouse, the retiring Deputy Chairman for his valuable contribution to the Bank

The Board of Directors of Union Bank of Colombo PLC announced the appointment of experienced Economist and Public Policy Specialist Dr. (Mrs) Roshan Anne Perera as an Independent Non-executive Director, with effect from 05th July 2021.

Dr. Perera counts over 20 years of experience as a public policy specialist responsible for advising on monetary and fiscal policy issues. Her vast experience also includes expertise in regulating and supervising financial institutions and supporting the enhancement of risk management frameworks. Dr. Perera was a Director at the Central Bank of Sri Lanka and presently works as an independent consultant to multilateral agencies both in Sri Lanka and overseas. She served as a Board Member in several organisations including the Institute of Policy Studies and the Sri Lanka Institute of Directors. Presently she functions as a director on the board of Senkadagala Finance PLC.

Dr Perera recently completed a Master’s in Public Administration as an Edward S Mason Fellow at the John F. Kennedy School of Government at Harvard University USA. She also holds a PhD. in Economics from the University of Melbourne Australia, a Master’s in Environmental Geography from the University of Illinois in Chicago, IL, USA and a Master’s in Economics and a Bachelor of Arts in Economics from the University of Colombo.

Union Bank Credit Cards announced that its cardholders will have access to a range of savings and discounts in time for the upcoming Sinhala and Tamil New Year celebrations. The offers on preferred segments will afford great savings for the whole family, making shopping and gifting in the festive season an absolute delight.

In keeping with its continued commitment to enhance technology enabled banking conveniences for the ease of its customers, Union Bank recently introduced Missed Call Banking service as an inclusive, wide-ranging mobile-based banking facility that can be accessed with any type of mobile phone.
Union Bank’s Missed Call Banking is a Short Message Service (SMS)-based notification service that provides account holders with an instant and secure means of obtaining their account balances on their mobile phone.

To avail the service, account holders must subscribe to Union Bank’s SMS Alerts feature which can be activated at the time of opening an account or by simply submitting an application form for the said service. Consequently, users can obtain the available balance and a number of other updates on their active banking accounts via SMS. Account holders can give a ‘missed call’ to 0115 800 700 or send an SMS with a given code and in return receive an SMS notification with the requested account information.
The Missed Call and SMS Banking feature from Union Bank will be specially beneficial at these times of the pandemic, whereby helping the customers to stay safe and reduce their exposure by checking account balances and staying up to date on their account activities from the safety of their homes.

Commenting on this latest addition to mobile banking conveniences, Vice President Retail Banking Chaya Jayawardane said, “At Union Bank we are constantly looking for ways to simplify the banking experience of our customers by enabling simple-to-use, cost-effective digital banking solutions that provide them with greater banking ease. Union Bank’s Missed Call Banking is another step forward in this direction that empowers customers with the ability to keep a tab on their account balances from anywhere and at any time with real-time updates received directly on their phones. We believe this one-step process of checking account related information will significantly improve the customer experience as a time saving, reliable mode of acquiring account related information at any given time of the day.”

With Union Bank’s Missed Call Banking personal savings and current account holders can now save time spent on travelling to the nearest automated teller machine (ATM) or branch and dialling the customer care services for the sole purpose of inquiring account balances before making important transaction decisions. To inquire the balance at any time, the users can either give a missed call to 0115 800 700 or simply type ‘Bal’ and send to the same number. A subscription service is also available for those that require daily updates where users can simply type M100 and send to the given number to receive account balance updates once a day for 30 days. M150 subscription service will enable account updates twice a day for 30 days. The latter subscription services will be especially ideal for account holders with a need to keep continuous records on their account balances, cheque and account floats etc. Up to three accounts of an individual could be added under this service. Furthermore, the daily updates can even be customised to be received at a preferred time on each day for added convenience of the users. The service is available even on the simplest type of mobile phone, thus being more accessible to even non-smartphone users.

More details on Union Bank’s Missed Call Banking alert service and other products and services provided by the Bank can be viewed on its corporate website www.unionb.com. Customers could even contact their branch managers or relationship managers for further information or assistance.

Union Bank announced that its mobile banking app is now linked with the Lanka QR standard to enable a seamless payment experience to its users.

Lanka Quick Response (QR) payment method is a cashless payment mode enabled by LankaClear to ensure that QR payments in Sri Lanka are standardised and interoperable.

LankaQR integration on the Union Bank Mobile App enables fast and secure payments through the Union Bank savings or current account to any authorised merchant. It is a convenient way to pay bills instantly with no risks and helps avoid the hassle of carrying cash. This is especially beneficial in these times of the pandemic, as it provides additional safety from coming in to contact with cash or spending too much time at cash counters to avoid the level of exposure for customers.

Commenting on the latest enhancement, Vice President Retail Banking at Union Bank Ms. Chaya Jayawardene said, “The new enhancement to the mobile app with the integration of LankaQR standard will enable our customers to pay bills instantly using their mobile phones at any merchant partner outlet. This will significantly reduce the time spent at counters for our customers and they can enjoy this service to purchase a wide range of products and services at supermarkets, retails stores, transport services and much more. The service is offered completely free of charge. This is one more step in our journey towards revolutionising the digital banking experience of our customers and the Bank will continue to invest and enhance its mobile banking app to provide greater convenience to our customers in time to come.”

To make payments using LankaQR, Union Bank customers need to simply download the mobile banking app, sign in to his or her account and set up payments to the correct setting. When paying bills, the user is required to simply look for the Lanka QR sign at the merchant outlet, scan the QR code and proceed to pay through the app. The payment will be sent to the merchant immediately and the customer will receive an SMS confirmation of the payment immediately once the payment is transferred.

To learn more about this feature or to register for the Union Bank Mobile app, Union Bank accountholders may contact the Bank’s 24-hour customer service hotline on 0115 800 800 or refer the Bank’s corporate website www.unionb.com

Union Bank announced its attainment of the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1 recertification, having successfully met the stringent security requirements needed to achieve this version of the recertification.

The PCI Security Standards Council is a global forum for the ongoing development, enhancement, storage, dissemination, and implementation of security standards for account data protection. The PCI certification is a robust assurance of Union Bank’s card data security standards across all systems and processes through which card and account transactions are made into effect.

Marking a significant turning point in data security protection, Union Bank became the first bank in Sri Lanka to receive the international Payment Card Industry Data Security Standard (PCI DSS) by the Security Standards Council in the year 2017 and since then had ensured to maintain this standard with annual reviews, audits and recertifications by a reputed service provider in this field.

Commenting on the achievement Chief Information Officer at Union Bank Nisala Kodippili said, “Union Bank’s compliance with international best practices certified by an independent third-party audit, confirms our ability to maintain high levels of card data and transaction security within the Bank. The security of card and account data is of paramount importance to us as a financial institution. As a responsible financial services provider that is focused on enhancing its digitally enabled customer conveniences, Union Bank is committed to advocating the highest levels of data security. Adherence to PCI security standards further affirms our commitment to secure business practices. The security benefits associated with maintaining PCI compliance are vital to the long-term success of the Bank as well as our customers.”

The PCI Standard Certification includes continual identification of threats and vulnerabilities that could potentially impact the organization. Such standards help ensure healthy and trustworthy payment card transactions for the multitudes of customers that maintain accounts at Union Bank.

Union Bank is one of Sri Lanka’s leading banks 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.

More details on Union Bank and its products and services may be obtained by dialing the 24-hour contact centre on 011 5800 800 or by visiting the Bank’s website via www.unionb.com

Union Bank Credit Cards announced that its cardholders will have access to a range of savings and discounts in time for the upcoming Sinhala and Tamil New Year celebrations. The offers on preferred segments will afford great savings for the whole family, making shopping and gifting in the festive season an absolute delight.

The wide-ranging discounts and offers are made available at over one hundred popular clothing, accessories, dining, furniture, home appliances and online merchants island wide.

Union Bank cardholders will enjoy up to 65% off at attractive holiday destinations, up to 30% off at a variety of popular clothing and accessories outlets and up to 20% off on their supermarket shopping during the festive season.

Savings up to 30% await at ZigZag, Mondy, Hameedia, Adidas, Envoy, Signature and many other local and international clothing brands on selected offer dates. Discounts of 25% are available at popular outlets including Kids Warehouse and Velona while 20% savings are available on selected days in March and April at clothing favourites such as Kelly Felder, Cool Planet, Arienti, DSI footwear and many more.

Union Bank is in the forefront of providing online discounts and offers to its cardholders. In-line with the growing customer inclination towards e-commerce, Union Bank Credit cardholders will get an additional 10% off on Daraz.lk along with 36-month 0% instalment plans for high value purchases. 0% interest instalment plans up to 36 months with no handling fee will also be available at Bigdeals.lk, Wasi.lk, Singersl.com and Buyabans.com.

Dining offers up to 30% off at family favourites including Pizza Hut, Taco Bell, Marino Beach, Loon Tao and many more will make celebrations during the holidays more memorable for Union Bank cardholders and their families. An attractive ‘buy-one get-one free’ offer from KFC will also add value to the family dining experience for the Bank’s cardholders on selected days in March and April. Supermarket shopping offers up to 20% off at Keells and Arpico along with additional giveaways will enable greater savings on their daily needs.

0% instalment plans up to 36 months are made available across a wide range of furniture and home appliances merchants to enable cardholders to enhance their lifestyle at ease by repaying high value purchases on flexible payment plans. Providing further financial flexibility to its cardholders during the holiday season and beyond, Union Bank Credit Cards will bring its ‘Buy Anything Anywhere’ offer providing 0% interest instalment plans up to 36 months with no handling fees on anything purchased anywhere, exclusively between 24^th to 28^th March and 24^th to 28^th April 2021. In addition, 0% interest instalment plans up to 12 months without any handling fees will be available to cardholders exclusively on transactions above Rs.25,000 made for Health, Education, Insurance and Autocare purposes until June 2021.

Staying true to its promise ‘keep swiping, keep benefitting’, in addition to discounts Union Bank Credit Cards offer greater financial flexibility to its cardholders with Loan on Card facility and balance transfer options with flexible repayment plans to ease the financial burden of multiple credit cards. All Union Bank Credit Cards are enabled with the Visa ‘Tap to Pay’ feature that allows cardholders to make payments more safely with just a tap on the POS machine without handing over the card to the cashier at partner merchant outlets.

Union Bank Credit cardholders enjoy the convenience of managing their card online through Union Bank’s internet and mobile banking services, that offer the flexibility to conduct a wide range of credit card self-service options such as bill payment, balance inquiry and much more at a click of a button.

Union Bank Credit Cards are available in Gold, Platinum and Signature variants based on pre-set eligibility criteria and are offered via the Bank’s island wide branch network while those interested in applying for a credit card could even simply send an inquiry online or via the Bank’s contact center hotline on 011 5800 5800 to avail personalised assistance by dedicated service personnel.

More information on the Union Bank Credit Card and other products and services of the Bank can be accessed via the Bank’s corporate website at www.unionb.com.

The Board of Directors of Union Bank announced the appointments of Mr. Sabry Ghouse as the new Deputy Chairman and Mr. Trevine Fernandopulle as the Senior Independent Director to the Bank’s Board with effect from 2nd November 2020.

Mr Ghouse joined the Union Bank Board in August 2012 as an Independent Non-executive Director and currently serves as the Chairman of the Bank’s Related Party Transactions Review Committee (RPTRC). He is also a member of the Board Credit Committee (BCC), Human Resource and Remuneration Committee (HRRC) and the Nomination Committee (NC).

His banking career spans over 27 years with leading international Banks both in Sri Lanka and overseas including American Express Bank, Standard Chartered Bank and Al Rajhi Banking and Investment Corporation of Saudi Arabia where he was instrumental in setting up of Retail Banking, allied operations and strategy development for the banks to emerge as leaders in their chosen markets. Joining American Express in 1991 for the launch of the American Express card, the first corporate card in Sri Lanka, he was responsible for the card issuance and acquisition business in Sri Lanka and the Maldives. He was also the Head of Retail Banking at Standard Chartered Bank and later seconded as the Regional Head of Consumer Banking for the Levant Region where he was responsible for the successful acquisition and transition of the Grindlays Bank business, subsequent to Standard Chartered’s global acquisition of Grindlays franchise. He also worked as Director Retail Banking Al Rajhi Bank Malaysia and was responsible in successfully setting up the Bank’s retail business and operations and a country-wide branch network in entering the Malaysian market. Mr. Ghouse was a former Director of the Credit Information Bureau (CRIB) in Sri Lanka and holds a Master’s Degree in Business Administration (MBA) from the University of Western Sydney, Australia and has followed the executive leadership programs conducted by the London Business School, UK and Templeton, Oxford UK.

Mr Fernandopulle joined the Union Bank Board in 2017 as an Independent Non-executive Director and currently serves as a committee member in the Bank’s RPTRC, BCC, HRRC and the NC. He is a veteran Banker with over 40 years’ experience in the financial services sector. Prior to joining the Union Bank Board, he served as the Group Chief Risk Officer/Executive Vice President – Risk of the DFCC Group and as the Chief Risk Officer at Bank of Ceylon. He was also the Deputy Chief Executive Officer (DCEO) of HSBC Sri Lanka where he served for 30 years and acquired wide knowledge and exposure to international banking and risk management specialisms; having provided leadership to numerous functions including Risk Management, Foreign Exchange and Treasury, International Trade, Corporate Banking and Retail Operations.

Mr. Fernandopulle, is the Chairman of AMW Capital Leasing and Finance PLC (an Al Futtaim Group Dubai owned company) and the Board of Trustees of Joseph Frazer Memorial Hospital. He also serves on the Board of Continental Insurance Lanka Ltd. He was a director of National Insurance Trust Fund and is a Past President of Chartered Institute of Bankers (Sri Lanka Branch) and, a Founder Member/past Vice President of the Association of Banking Risk Professionals of Sri Lanka. Mr. Fernandopulle holds a BSc. (Mathematics) from Imperial College, University of London (UOL), an MSc (Statistics) from the London School of Economics, UOL and is also an Associate/ Fellow of the Chartered Institute of Bankers, London.

The Board welcomed the new appointments and stated that since joining the Union Bank Board, Mr Ghouse and Mr Fernandopulle have given enormous support, guidance and counsel to the Bank’s management in driving its operations. The appointments further consolidate the strength of the Union Bank Board and will add immense value and stature in steering the Bank towards its growth objectives. The Board also expressed their sincere thanks and gratitude to Mr. Priyantha Fernando, the former Deputy Chairman/Senior Independent Director for his immensely valuable contribution to the Bank. Mr Fernando retired from the Board with effect from 1st November 2020, having completed his nine-year service period as per the corporate governance directions issued by the Central Bank of Sri Lanka.

In keeping with its corporate ethos to create a better tomorrow for the community, Union Bank continued its commitment to support and empower the Bank’s customers impacted by the Covid-19 pandemic.

The Bank took measures to immediately roll out the financial relief scheme recommended by the Central Bank of Sri Lanka (CBSL) in March 2020, in a bid to help communities to recover from the financial impacts of the medium term. As an immediate measure, the Bank announced extensions for credit card dues in the month of March/April along with extensions for other personal borrowing such as loans and leases.

The financial relief package which places focus on the Bank’s corporate, SME and retail banking clientele include a three-month debt moratorium for all personal loans of value less than Rs.1 million. The maximum interest rate applicable for credit card transactions up to 50,000/- was reduced to 15% p.a and the minimum payment was reduced to 2% from 4% which was applicable before. Late payment fees have been waived for all credit cards and loans until 30th September 2020. In addition the Bank tied up with Pickme.lk to offer 20% savings to its credit cardholders on essential items purchased via the app during the month of April.

Self-employed personnel, Foreign currency earners (both individuals & businesses), Small and Medium Enterprises (in the Agriculture, Manufacturing, Services, Construction & Trading sectors)  and Corporates in Tourism, direct and indirect export related businesses including apparel, plantation, IT and related logistic services industries and others are eligible for loan repayment moratoriums of capital and interest from Union Bank up to 6 months. Furthermore, with the intent of providing immediate relief to SMEs, small scale traders etc., charges on cheque returns and stop payments have been waived until 30th September 2020 while the validity period for issued cheques below Rs.500,000/- of value has been extended until 15^th May. In line with the CBSL directions, Pawning interest rates have been revised with effect from 27^th April 2020 for the benefit of those who wish to avail such services from the Bank.

Further, Union Bank is geared to support Corporate and SME Banking customers who seek working capital loans at low-interest rates to revive their business operations; while extending its continuous support to ensure timely processing of salaries, remittances and international trade transactions in a bid to support business owners to keep their enterprises progressing amidst a challenging landscape.

Commenting on the initiatives, Union Bank Director/ Chief Executive Officer Mr. Indrajit Wickramasinghe said, “We are deeply appreciative of the work carried out by local authorities to control the spread of this pandemic in the country. We are determined to do our part first by complying with all the guidelines issued by the authorities and secondly by contributing to the economic recovery of our customers affected by Covid-19. As an essential services provider during this time of uncertainty, we are doing our best to keep our services up and running while also ensuring that the safety of our staff and customers is given utmost priority. We have made a number of arrangements at our work premises to ensure that stringent levels of hygiene and safety are practiced. Our branch managers and relationships managers have consistently kept in touch with the customers to ensure that they are well informed on the relief measures and are able to avail the facilities being offered. We will overcome this challenge together and Union Bank remains committed to support our customers during this difficult period.”

Amidst the prevailing curfew situation which has been implemented to prevent the spread of Covid-19, Union Bank has continued to provide its customers with uninterrupted banking convenience via strategically located branches that have remained open for limited hours. The Bank’s network of on-site and off-site ATMs island-wide, supplemented by over 4500 ATMs connected via LankaPay have been instrumental in providing easy access to customer accounts at times of emergency. The Bank’s Online Banking portal and Mobile Banking app are geared to facilitate a wide range of banking transactions for users enabling contactless banking from the safety of their homes.

Union Bank’s corporate website www.unionb.com and the 24-hour customer service hotline 011 5800 800 also remain open for customer queries and assistance. Union Bank’s dedicated Covid-19 relief portal has been open since 1^st April 2020 and the Bank’s customers are requested to submit their requests for financial relief in writing to the respective branch/relationship managers on or before 15th May while more details can be obtained via the dedicated portal https://www.unionb.com/covid-19-relief/

3 March 2020 – Union Bank symbolically rang the market opening bell at the Colombo Stock Exchange (CSE) to mark its 25th anniversary, as part of a series of events organised by the Bank to celebrate this significant milestone.

CSE market opening ceremonies are organised as a platform for listed companies to celebrate corporate milestones and as a call to action for causes and developments that are significant to the business community, the economy and society at large.

Outlining the importance of listing the Bank on the CSE, Director/ Chief Executive Officer of Union Bank Indrajit Wickramasinghe said that Union Bank’s listing in 2011 has benefitted the Bank in numerous ways.

“Union Bank’s IPO in 2011 established a record response and marked a significant turning point in the 25-year history of the Bank. Broad basing the public ownership of the Bank with the listing on CSE, resulted in increased visibility and brand image for the Bank to expand its client bases and eventually lead to growth in business operations. We are grateful for our stakeholders, especially our shareholders for the trust and confidence placed on the Bank which has helped propel our growth over the years. Through the years, the Bank has shared a progressive relationship with the CSE and we are proud of Union Bank’s contributions to the capital market, such as securing long-term local and foreign capital to the country – including the milestone investment by TPG capital. Union Bank has also strengthened its position further when it was included in the S&P SL 20 in 2018, as one of the few listed bank shares.”

He said that, Union Bank Group entity National Asset Management Limited (NAMAL) had been in the forefront of developing the equity market of the country by pioneering the first listed Unit Trust and consistently maintaining a successful track record of investing in equity and fixed income markets.

Union Bank chief also mentioned that with over two and half decades of service to the nation, the Bank is geared with the strength and stability to financially empower corporates, SMEs as well as individuals of Sri Lanka with enhanced product and service propositions in the year 2020 and beyond.

Commenting at the event, CSE Chief Executive Officer Mr. Rajeeva Bandaranaike commended the progress made by the Bank since its inception in 1995 and thanked the leadership of the organisation for selecting the CSE bell ringing platform to celebrate this significant milestone. He also noted the strides made by the Bank within the banking industry continuing to offer investors value over the years and opportunities to be a part of the Bank’s growth.

The Bank marks its 25th anniversary in the year 2020 – a significant milestone that indicates its successful journey of growth over the years, since the inception in 1995.

Throughout the history of this dynamic organisation, the Bank has seen many phases of evolution over the years, each of which had brought in challenges, opportunities and growth for the Bank as well as its customers, partners, employees and other stakeholders.

One of the largest global investment companies, TPG’s investment of US$117 million in Union Bank in 2014, acquiring 70% of the Bank’s equity through its affiliate Culture Financial Holdings Ltd. marked a milestone for the Bank and to the banking industry as one the largest foreign direct investments to Sri Lanka. This marked the beginning of a new phase of accelerated growth for Union Bank. With a solid foundation etched with financial stability and international know-how, today Union Bank is a full-service commercial bank offering a comprehensive range of products and services to financially empower individuals, entrepreneurs and corporates in Sri Lanka.

Following the capital infusion, the Bank embarked on a transformational journey of growth with substantial investments to its product offering, human capital, technological and delivery platforms with a view of providing a differentiated banking experience to its clientele. The Bank extends its products and services to a diverse client base via an island-wide network of 67 branches, supported by an extensive ATM network and digital banking solutions that facilitate greater convenience to all clients. As a result of the strategic re-engineering of its operations and the focus on growing its core banking operations, Union Bank had recorded accelerated growth in the recent past recording significant year on year growth in profits especially within the most recent financial years of 2018 and 2019.  This is further affirmed by the strong growth recorded in the recently released 2019 financial results, despite a challenging environment.

In its 25^th year and beyond Union Bank will further reinforce its retail, corporate, SME and treasury businesses while capitalising on the clear competitive advantages to generate sustainable growth. The Bank will remain committed towards the task of partnering the growth of corporates and SMEs. The SME sector identified as the growth engine of the economy remains a key priority within the commercial banking agenda of the Bank in the years to come. On the back of a wider reach and a comprehensive product portfolio, the Retail Banking operation of the Bank is set to grow at a faster pace in the coming years with greater focus on digitalised solutions geared to provide enhanced accessibility and convenience to its growing clinetele.

“The future of Union Bank is exciting and we invite our stakeholders to benefit from the multi-dimensional growth of the Bank in the coming years.” stated Mr. Wickramasinghe in his concluding notes at the event.

Union Bank announced the re-launch of latest Union Bank BizDirect+ proposition which is enhanced with new features for better performance and convenience of clients.

BizDirect is the revolutionary transaction banking system from Union Bank that aims to provide end-to-end cash flow management solutions to businesses. In 2014, Union Bank was the first Sri Lankan bank to launch an automated cash management system. Just over five years after its initial launch, in February 2020 the Bank proudly rolled out its newly-enhanced and updated BizDirect+ platform, with a view to support corporate and SME business segments to reach the next level of success.

Commenting on the improved BizDirect proposition, Vice President Transaction Banking and SME, Asanka Ranhotty said, “Good cash management is at the heart of a successful business. Having access to a technologically advanced, automated cash management system enables businesses to see and manage their liquidity position with clarity. This is equally important for any business be it an SME or a large corporate. Yet in Sri Lanka where cash remains king, effective cash management is underutilised – Union Bank’s revolutionary cash management system BizDirect aims to change this by providing total control of liquidity management to business owners through automations and customisations that help the users to make timely managements decisions based on their cash flows.”

The automated BizDirect cash management system covers the full working cash cycle of collections, payments, liquidity management, reporting and reconciliation. At every stage real time-data is made available, enabling users to collect cash on-time and maximise on the investment opportunities for their fund balances. The automation, online documentation and real-time data reporting ensure that possibilities for fraud are minimised. The system includes the latest security enhancements, including biometric verification for an added layer of safety.

The system is web-based and integrates with existing accounting platforms on a host-to-host (H2H) basis. There is no hardware to install nor lengthy set-up process making it simple and fast to adopt. Training and ongoing support are provided by Union Bank’s dedicated team who are passionate about sharing their expert knowledge of the cash management system. BizDirect provides wide-ranging functionality comparable to internationally available solutions at an affordable rate.

Union Bank BizDirect+ is available to both SMEs and corporates, enabling faster and more accurate decision making, to all sizes of businesses. The easy to use functionality enables a business to collect cash in a timely manner and retain it for a maximum period of time while at the same time improving relationships with suppliers through efficient and on-time payments.

The system enables on-line approvals even on the mobile, whereby the manual process of cheque signing is completely eliminated. Through extensive automation, documents required for processing can be uploaded online instantly, removing the need to send them separately which is a time consuming task that causes unnecessary delays. Cheques can be printed automatically by the Bank and delivered either to the BizDirect user or to their customer. Through collections service providers approved by the Central Bank of Sri Lanka, cash and cheques can be collected directly from the business, and cash delivered back to the business as required. Reconciliations are also automated enabling the users to know their company’s cash position at any given time.

The customised, automated cash management solution enables corporates to further enhance their working capital cycle management capabilities. Clear visibility on liquidity management provides a holistic view of the business’s cash position so that overnight investment opportunities can be maximised. For SMEs, BizDirect will help them to grow and evolve into larger companies of the future.

“Many small businesses still lack proper record keeping and this is unfavourable to their success and growth. By using Union Bank’s BizDirect+, SMEs will be able to systematically track what happens on both sides of their operations, that is collections and payments – and automate many routine transactions, to enjoy greater freedom to focus on their business. In fact, all these value additions from BizDirect aim to free-up precious management time that can be focussed on the growth of the business – be it a SME or a large corporate. These wide-ranging functionalities, of an international-standard system is offered at an affordable rate to make it accessible to businesses of any size and scale.” Mr. Ranhotty further noted.

Corporate and SME Banking sector makes up to 50% of Union Bank’s operations and the Bank invests extensively in delivering value added services to these vital segments. The Bank’s recent investment in enhancing its BizDirect system is a clear indication of its continued commitment towards the progress of businesses and especially the SME sector which is identified as a nationally significant sector. The Bank’s strategic approaches in the form of customised products, extended access points and tech- enabled conveniences are well-synced to deliver a positive banking experience to its clients.  Having identified some major pain points of its varied client segments, the Bank continues to invest in product and service enhancements that add banking convenience and value to its clientele.

Inaugurates celebrations with all night pirith and other religious ceremonies

Union Bank celebrates 25 years of banking operations in Sri Lanka and the Bank has planned a series of programmes to fittingly celebrate this significant milestone.

Union Bank was established in the year 1995 as the 8^th indigenous bank, and had since then seen many phases of growth and evolution. Union Bank entered Sri Lanka’s financial services landscape with a firm will to become a unique entity that challenges the status-quo and shapes new paradigms. The environment in which Union Bank entered and operated in remained challenging, given the large number of commercial banks, some with a globally renowned presence that had already made inroads and were firmly established in Sri Lanka.  It was imperative therefore, that Union Bank created for itself a unique personality and identity.

This focus saw Union Bank identify the niche opportunities on the SME sector, which for the most part remained un-banked and was in need for focused financial support to become a key driver of national development. During years of dedicated service as a preferred banker to Small and Medium Enterprises (SMEs), the Bank pursued a pragmatic growth agenda, aligned with the national development goals that included sustainable growth of the SME sector. Having recognised the importance of the sector, Union Bank contributed immensely towards entrepreneurship development, thereby giving rise to many positive cascades that includes producing assiduous entrepreneurial mavens who become role models for younger generations, spurring employment for communities which also engendered better living standards, and empowering industries that may have lain dormant or slow in gaining a renaissance, thus contributing to overall social and economic development of the country.

One of the largest global investment companies, TPG’s investment of US$117 million in Union Bank in 2014, acquiring 70% of the Bank’s equity through its affiliate Culture Financial Holdings Ltd. marked a milestone for the Bank and to the banking industry as one the largest foreign direct investments to Sri Lanka. This marked the beginning of a new phase of accelerated growth for Union Bank. With a solid foundation etched with financial stability and international know-how, today Union Bank is a full-service commercial bank offering a comprehensive range of products and services to financially empower individuals, entrepreneurs and corporates in Sri Lanka.  The Bank still continues to support and empower the SME sector with enhanced focus and customised service propositions designed to empower this segment.

Following the capital infusion, the Bank implemented a cohesive re-engineering for accelerated growth with substantial innovations and developments to its product offering, human capital, technological and delivery platforms with a view of providing a differentiated banking experience to its clientele. The Bank extends its products and services to a diverse client base via an island-wide network of 67 branches, supported by an extensive ATM network and digital banking advances that facilitate greater convenience to all clients.

Commenting on the 25^th anniversary of the Bank, Chief Executive Officer Indrajit Wickramasinghe said “I’m pleased and proud of reaching this significant milestone of Union Bank. The success of the Bank thus far had been built on the dedication of our employees. Our team has grown to over 1200 employees in tandem with the Bank’s expansion and they will continue to be the pillars on which we build the future success of Union Bank. We will celebrate our transformational journey of growth with a series of events throughout the year, which was inaugurated with the religious ceremonies held recently.  The future of Union Bank is exciting and we invite our stakeholders to benefit from the multi-dimensional growth of the Bank in the coming years.”

Inauguration of Union Bank’s 25^th anniversary was marked by an all-night pirith ceremony followed by an alms-giving which was held at the Bank’s head office. The Bank’s Chief Executive Officer Indrajit Wickramasinghe along with the leadership team, senior management and staff members from branches around the country and head office departments participated with their families in the ceremony.  The Pirith ceremony was followed by a series of religious ceremonies representing the three major denominational faiths of the country, which were attended by Bank’s management and staff. The religious ceremonies were organised to invoke blessings on the customers and staff of Union Bank as well as on the country and its people. Bank’s 25^th anniversary events to felicitate customers and employees along with projects to contribute towards the community are in the pipeline and will be rolled during the year.

Union Bank recently revealed the Bank’s seasonal credit cards discount scheme that offers up to 50% savings at over 100 merchant partner outlets island-wide.

A key highlight amongst the offers are the exclusive discounts on a range of adventure and exploration related activities, being another industry-first introduced by Union Bank Credit Cards.  The credit card offers up to 50% savings this holiday season, on an exciting range of activities including domestic air travel, hot air ballooning, camping, hiking, safari trips, ATV driving, rock pool kayaking and a wide range of water sports such as Jet ski, speed boat rides and much more. Offers are also available on other popular interests such as indoor cricket, indoor futsal, paintballing and go karting; making Union Bank Credit Card the ideal payment option for affordable and exciting family holidays, novel experiences as well as for workplace team gatherings this season.  The offers are available at renowned merchant partner outlets specialised in indoor/outdoor activities including Cinnamon Air, Sunrise Ballooning, Excel World, Sri Lanka Karting Circuit, Jet Water Sports, X Sports Arena, Crate Adventure Park, Predator Paintball and Ecoteams.lk.

In a bid to provide Cardholders the best value on their seasonal shopping experience, the wide ranging credit card offers also include up to 25% savings at popular fashion outlets including Fashion Bug, Cool Planet, Hameedia, Signature, Kelly Felder, House of Fashions, CIB and much more. Cardholders can enjoy an extended holiday shopping experience with a further discount of 10% on Kangaroo Cabs during the season and beyond.

Remarkable savings are also offered during the holiday season at some of the favourite destinations around the island, enabling Union Bank Credit Cardholders to share luxurious holidays with friends and family at affordable rates. The leisure sector offers consist of up to 50% savings at star-class hotels including Theme Resorts and Spas, Oak Ray Holdings, 98 Acres Resort and Spa, Secret Hotels (Ella and Kandy) and much more.

Along with discounted prices, Union Bank Credit Cardholders will enjoy 0% interest instalment plans up to 24 months this season on high-value purchases across a wide range of categories such as jewellery, electronics, overseas travel and furniture.  Easy Payment Plans are available at leading merchant outlets including Vogue, Mallika Hemachandra, Raja Jewellers, Muthukaruppan Chettiyar, Singer Homes, Singer Plus, Softlogic Max, Lifestyle Store, Abans, Browns, Arpico Furniture, Sri Lankan Airlines, findmyfare.com and much more. In addition, the Cardholders will have the flexibility to avail exclusive easy payment plans with no handling fees on any transaction above Rs.50,000 on Education, Travel and Health related purchases from any merchant this season, enabling convenient payment options for long awaited family trips, much-needed health pre-requisites and even high-value educational payments such as school fees and higher education expenses.

Staying true to its promise, ‘keep swiping, keep benefitting’, in addition to discounts Union Bank Credit Cards offer greater financial flexibility to its Cardholders with payment plans such as Loan-on-Card and Balance Transfer facilities enabling quick and easy borrowings on the card as well as balance settlement flexibility at attractive repayment rates.  Union Bank Credit Cardholders will also enjoy the convenience of managing their card online through internet and mobile banking platforms enabled with greater security.

Credit Cards are made available via the Bank’s island wide branch network while anyone interested in applying for a credit card could even simply send an inquiry online or call the Bank’s contact centre hotline on 011 5800 5800 to avail personalised assistance by dedicated sales personnel.

More information on the Union Bank Credit Card can be accessed at the Bank’s corporate website via www.unionb.com.

The Board of Directors of Union Bank of Colombo PLC announced the appointment of Sarath Wikramanayake as a Non-Executive Independent Director, with effect from 21st June.

Mr. Wikramanayake is a senior financial executive with extensive experience of over 27 years in the banking industry and 16 years in the insurance industry. He has served on the boards of a number of leading entities including the National Development Bank PLC and was the CEO of Union Assurance Limited from 1999 to 2003. Prior to that, he worked for the Bank of Butterfield, a Bermuda-based international bank for 19 years, where he served as an Executive Vice President and CFO, and also held overall responsibility for running operations in the UK, Channel Islands, Hong Kong, Singapore and the Cayman Islands.

He is also a Director of several other companies including AIA Insurance Lanka PLC, NDB Wealth Management Ltd, NDB Investment Bank Ltd, NDB Capital Holdings Ltd, NDB Zephyr Partners Lanka (Private) Ltd and NDB Capital Ltd (Bangladesh).

Mr. Wikramanayake is a fellow of the Institute of Chartered Accountants of Sri Lanka since 1979.

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As announced to the CSE by the Bank, its major shareholder Culture Financial Holdings Limited,  through which TPG- the US based investment giant holds 70% of Union Bank shares, has informed that they will not accept the offer to repurchase their shares, thus affirming its continued commitment towards the future progress of the Bank.

Union Bank announced a share repurchase offer which opens today (27^th June) and is scheduled to close on 11^th July 2019.

The share repurchase of up to a maximum of 7,851,844 ordinary shares from its shareholders at the price of Rs. 15/- per shares, amounting to a maximum distribution of Rs.117,777,660/- was approved by shareholders at an extraordinary general meeting convened by the Bank on 11^th June 2019.

The offer is made by the Bank  with the intention of improving the price of the Bank’s shares to reflect its true underlying value and consequently improve the returns to the shareholders.

As per applicable law, the said offer is made to all shareholders of the Bank, on a pro rata basis. Accordingly, the offer will be made on the basis of one ordinary share for every 139 ordinary shares held by each shareholder.

Where a shareholder does not accept the offer or accepts the offer only in part, the Bank will re-purchase additional shares from any shareholder who tenders shares over and above their pro rata entitlement for repurchase by the Bank (on a pro-rata basis) up to the aforesaid maximum number of shares that the Bank intends to re-purchase.

Union Bank has been making steady progress as a fully-feldged commercial Bank over the years, having embarked on an accelerated growth strategy since the acqusition by the US investment giant TPG in the year 2014.

The Bank offers a wide gamut of banking propositions serving a diverse clientele across Retail, SME and Corporate segments and operates via an islandwide network of 67 branches along with digital banking platforms delivering seamless banking convenience.

Union Bank is currently one of the fastest growing banks in Sri Lanka which has been doubling its Profit (PBT) over the years and marked a milestone achievement with its PBT crossing Rs. 1Bn by the end of year 2018. The Bank is significantly over capitalised and is well-positioned in the market with the strength to grow organically as well as inorganically.

Fitch Ratings Lanka recently upgraded Union Bank’s rating to ‘BBB-(lka)’  from  ‘BB+(lka)’ with a Stable Outlook, reflecting the Bank’s better risk profile through a more diversified loan book, increased  profitability  and  higher-than-average capitalisation amongst other rating drivers.

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Focuses on enhanced growth prospects amidst tough conditions

Union Bank announced the appointment of two new members to its leadership team recently. 

The Bank announced the appointment of Nisala Kodippili as Chief Information Officer while career banker Asanka Ranhotty was appointed as Vice President, SME Banking and Transaction Banking at Union Bank.

Mr. Kodippili previously functioned as the Chief Information Officer of Nations Trust Bank and has been instrumental in driving significant information technology and digital innovations in Banks during his career spanning more than 20 years with specialisation in the Banking industry. He is a Master of Business Administration of Edith Cowan University, Western Australia and a Professional Member (MBCS) of the British Computer Society and the Australian Computer Society. Mr. Kodippili also functions as the Chairman of the Sri Lanka Bankers’ CIO forum and is a member of the FINCSIRT steering committee.  Mr. Nisala Kodippili will give leadership to Union Bank’s evolving digital banking strategy while strengthening its information technology function as a key enabler for business growth.

Mr. Ranhotty functioned as the Vice President – Head of Cash Management and Trade Finance at Deutsche Bank prior to joining Union Bank. He is a career Banker with 24 years of experience spanning across SME, Retail Banking, Corporate Banking, Transaction Banking, Trade Finance and Credit Risk in both local and foreign banks.  Mr. Ranhotty is a Fellow member of the Chartered Institute of Bankers (FCIB), MBA from the University of Colombo and a Bachelor of Science in Financial Services from the University of Manchester Institute of Science & Technology, UK. He is the immediate past President of the Association of Professional Bankers of Sri Lanka. Mr. Asanka Ranhotty will lead the Cash Management and Transaction Banking business of Union Bank while continuing to drive the SME Banking business of the Bank with a renewed focus on strategic geographies and industries.

The two new appointments come at a significant time of progress for the Bank, which is in its second year of a three year strategic plan for accelerated growth. The Bank’s persistent growth has resulted in continuous improvement of revenue and profitability and Union Bank’s consistent growth was recently affirmed by Fitch Rating Sri Lanka with an upgrade to its long -term national rating.

With the latest additions, Union Bank’s enhanced leadership team now comprises of Indrajit Wickramasinghe -Executive Director/Chief Executive Officer, Hiranthi de Silva- Vice President Wholesale Banking, Wije Dambawinne – Vice President, Head of Treasury, S. Sri Ganendran – Vice President Operations, Ravi Jayasekera – Vice President Human Resources, Chaya Jayawardane – Vice President Retail Banking, Inoka Jayawardhana – Assistant Vice President/ Head of Legal/ Company Secretary, Nisala Kodippili – Chief Information Officer, Asanka Ranhotty – Vice President SME & Transaction Banking, Malinda Samaratunga – Chief Financial Officer, and Suhen Vanigasooriya – Chief Risk Officer.

Union Bank is well-positioned for growth as one of the highest capitalised private commercial banks in Sri Lanka with the strength of TPG; the US based global private investment firm with over US$70 billion in capital under management and an extensive global network with significant presence in Asia and Europe. Following TPG’s investment Union Bank embarked on a transformational journey of growth and expansion as a fully-fledged commercial bank serving Corporate, SME and Retail Banking segments. With a solid foundation etched with financial stability and a renewed business focus enriched with international know-how, Union Bank is now amongst the fastest growing commercial banks in Sri Lanka.

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24 May 2019 : Fitch Ratings Lanka has  upgraded  the National Long-Term  Ratings  of  Union Bank to ‘BBB-(lka)’  from  ‘BB+(lka)’  with a Stable Outlook.

The upgrade of Union Bank’s rating reflects its better risk profile through a more diversified loan book, increased  profitability  and  higher-than-average capitalisation amongst other rating drivers.

The ratings reflect the Bank’s successful shift towards a diversified loan composition with Corporate, SME and Retail loans accounting for 48%, 33% and 19% of total loans respectively, as at end of 2018.  The latest rating by Fitch has taken into account the Bank’s gross Non-Performing Loan (NPL) ratio of 3.7% as at year end 2018 and the loan growth which it believes has the potential to accelerate further in the medium term.

The upgrade is also an affirmation of Union Bank’s growing commercial banking franchise and continuously improving profitability. The Bank’s profit before all taxes as at year end 2018, exceeded Rs. 1Bn to record a growth of 49%, aided by continued growth in core banking income.

Net Interest Income of the Bank reached Rs.3,652 Mn in 2018. Which was a significant increase of 19.9%. As a result of focused efforts to improve fees and commission income; the fee and commission income of the Bank which mainly comprise of deposit related fees, trade and remittances, loans, cards and other fees recorded an impressive growth of 23.6% YoY.

Fitch Ratings Colombo stated that Union Bank’s profitability  metrics  have  increased  in  2018  with  operating  profit/risk  weighted  assets rising to 1.5% in 2018 (2017: 1.1%), aided by better net interest margins which helped offset high impairment costs. “We expect the improving trend to continue in 2019, albeit slightly, in light of the still challenging operating environment” it said in the statement.

Carrying forward the positive growth momentum of 2018, Union Bank recorded healthy first quarter results in 2019. The Bank posted significant growth in its core banking operations, reflecting a 62% YoY growth in profits from operating activities.  The Bank went on to record an impressive YOY growth of 49% in  profit before all taxes for the period ended March 2019, highlighting its continued performance and progress while continual focus on revenue optimisation through portfolio re-alignment within and across business units resulted in a 19% YoY growth in NII which was Rs.1,013 Mn during the period ended 31st March 2019. Fee and commission income grew by 19% YoY during the 1^st quarter of 2019.

Union Bank is well-positioned for growth as one of the highest capitalised private commercial banks in Sri Lanka with the strength of TPG; the US based global private investment firm with over US$70 billion in capital under management and an extensive global network with significant presence in Asia and Europe. Following TPG’s investment Union Bank embarked on a transformational journey of growth and expansion as a fully-fledged commercial bank serving Corporate, SME and Retail Banking segments. With a solid foundation etched with financial stability and a renewed business focus enriched with international know-how, Union Bank is now amongst the fastest growing commercial banks in Sri Lanka.

Fitch Ratings in its report recognised the Bank’s  capital position stating, “Union Bank’s  capital  position  in  terms  of  Fitch  Core  Capital  ratio  of  15.4%  at  end-2018  remains stronger  than  similarly  rated  peers.  We  believe  Union Bank  would  be  able  to  sustain  comfortable capital  buffers  and  meet  the  regulatory  minimum  capital  requirement  with  access  to  capital from major shareholder through the exercise of warrants if required”.

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The outstanding achievers of the Retail and SME segments of Union Bank were felicitated at the Union Bank Retail and SME Banking Awards ceremony held at the Marino Beach Hotel on 30^th March under the theme ‘Race to Win.

The Bank’s top performing branch and sales staff were felicitated and awarded at the event, for their outstanding contributions and commitment towards the noteworthy core banking growth of the Bank in the year 2018.

In its second year running, awards were expanded to forty three categories this year giving due recognition to the best sales individuals and top performing branches of the Bank. Union Bank Board Director Mr. Trevin Fernandopulle, Director/CEO Mr. Indrajit Wickramsinghe and members of the Bank’s Key Management, were present at the event.

Director/CEO of Union Bank Mr. Indrajit Wickramsinghe making his key note address at the event congratulated the winners stating, “The achievements of the Bank in 2018 have been possible because of the persistence, dedication and unique expertise of the front line staff and the support functions which together have given life to the goals and objectives of the Bank.  Today we are at a central point of our growth journey, where we have successfully completed one year of the Bank’s 3-year strategic growth plan. This year and in the year to come, we will continue to carve out a brand new growth trajectory to take on the next phase of evolution of Union Bank. Each and every one of you will have an active role to play in the future of Union Bank, where we will continue to challenge competition; with an objective to become the most preferred Retail and SME Bank in the country”.

Some of the most prestigious awards that were handed out at the ceremony were the awards for Best Elite Banking Relationship Manager of the year, Best Team Leader – Liability Sales, Best Team Leader – Personal Loans/ Home Loans, Best Collection Agent of the year, Best Transaction Banking Officer of the year, Best Sales Achiever – Zone wise, Best Branch – Zone Wise and the Best Branch of the Year 2018.

The Best Branch Awards for Zone IA, Zone IB, Zone II, Zone III and Zone IV were awarded to the Piliyandala Branch, Borella Branch, Ibbbagamuwa Branch Akuressa Branch and Mannar Branch respectively. The most coveted award for the Best Branch of the Year 2018 was awarded to Piliyandala Branch.

Union Bank is offering some great deals in town on its Credit and Debit Cards in view of the upcoming Avurudu season.

The wide ranging discounts and offers are made available at popular clothing, accessories, dining, furniture, home appliances and online merchants.

This Avurudu season, Union Bank Credit Cards will offer discounts up to 20% at supermarkets island-wide, up to 30% on clothing at leading retailers, up to 40% on car care and up to 50% at attractive holiday destinations located across the country.

Union Bank Credit Card discounts are also available at some of the most sought-after hotels and vacation spots year-round, thus offering memorable holiday experiences for the Bank’s Cardholders and their loved ones.

Having made its debut in October last year with the unique positioning of ‘the lifestyle card’, Union Bank Credit Cards have gained popularity with its exclusive ‘Cashback’ proposition which provides sizable savings on supermarket/ grocery and fuel bills.

Staying true to its promise ‘keep swiping, keep benefitting’, in addition to discounts Union Bank Credit Cards offer greater financial flexibility to its cardholders with payment plans such as 0% instalment plans, Loan-on-Card and Balance Transfer facilities enabling interest free easy payment schemes for high value purchases, quick and easy borrowings on the card as well as balance settlement flexibility at attractive repayment rates.

Further information on this exclusive lifestyle card could be obtained simply by dialling 011 5 800 800 or by visiting www.unionb.com.

Union Bank announced the launch of ‘Union Bank Gold Circle’ – a specially designed financial proposition aimed at empowering the dreams of dynamic and ambitious individuals.

The unique banking proposition is bundled with benefits on saving and borrowing options, allowing more flexible and convenient terms of banking to suit the evolving needs of young professionals/ business owners and go-getters.

Union Bank Gold Circle enables an account holder to obtain a spot advance equivalent to one month’s salary up to maximum of Rs.250,000 /-. Additionally, the accountholders can also enjoy an array of banking privileges including a pre-approved Credit Card, rebates on Housing Loans and Loans against Property interest rates along with a discount on the Platinum Debit Card issuance fee. The account holders will also enjoy added value of accessing safety deposit locker services at a discounted fee while commissions on foreign currency issuance will also be reduced for this distinct segment of clients.

In recognition of their need for personalised attention and prudent financial advice, Union Bank Gold Circle will entitle accountholders to personalised services of a dedicated relationship manager. Allowing convenient and flexible accessibility, Union Bank Gold Circle account will offer free Internet and Mobile Banking services along with SMS alerts providing banking transaction updates at their fingertips.

Catering to the dynamic financial needs of business owners, the pragmatic banking proposition affords specific privileges for this segment including free cash collection services.

Commenting on the launch of Union Bank Gold Circle, Vice President-Retail Banking of Union Bank Mrs. Chaya Jayawardane said “This unique proposition is specially designed to fuel the dreams of ambitious professionals and business owners, aspiring to reach their next pinnacle of success. Union Bank pursues a segmented approach in a bid to offer meaningful personal banking services to our clients; and hence, Union Bank Gold Circle is an affirmation of our commitment to continuously enhance our retail banking propositions to suit the evolving banking needs in the market. With Union Bank Gold Circle bundled with many banking privileges, we hope to partner the growth journey of the middle and upper tiers of professionals and entrepreneurs; thus propelling them towards achieving their goals and providing a stepping stone towards establishing an enriching banking partnership with Union Bank. ”

More details of Union Bank Gold Circle and the Bank’s wide ranging retail banking propositions may be accessed via the Bank’s new and improved corporate website via www.unionb.com..

Following the launch of the Credit Cards in August this Year, Union Bank extended its Credit Cards at a special event recently at the Earls Regency, Kandy amidst a large gathering of clients and invitees representing the Central Province.

Union Bank Credit Cards have been introduced under Gold, Platinum and Signature card propositions, powered by VISA payWave , adding vibrancy to its Retail Banking product offering. The Credit Cards have been designed around the needs of the client segments giving special care to the lifestyle needs identified in the bank’s strategic customer segmentation approach with a wide range of offers, benefits and unique features.

Speaking at the event Mr. Indrajit Wickramasinghe, Director/CEO stated, “Union Bank Credit Cards are embedded with the VISA PayWave feature and are placed among the most sophisticated plastics in the industry providing greater customer convenience. In addition the cards also offer a gamut of benefits and year round offers for greater savings”

The objective of this event is to introduce and promote Union Bank Credit cards and to create awareness among the public. Further supporting the awareness initiative, a 2-day promotion was held at the Kandy City Centre (KCC) where the Union Bank staff participated in creating awareness on offers and special card benefits offered at KCC.

Union Bank Credit Cards continues to penetrate the market rapidly and is amongst the most attractive cards to offer savings and discounts that provide an extended experience to cardholders.

Credit Cards are available across the Bank’s island wide branch network and inquiries could simply be made online or through the Bank’s 24 x 7 Contact Center hotline on 011 58005800 to avail for a personalised service by dedicated sales personnel.

For more information on Union Bank Credit Cards and other products and services visit, unionb.com

Union Assurance (UA) recently partnered with Union bank for a preferred partnership in Bancassurance operations with the objective of strategically strengthening its Bancassurance channel and to provide life insurance solutions to the extensive customer network of the Bank. Signing of the agreement was held at the Hilton Residencies in Colombo on 19th October 2018 amidst a large gathering from both organizations.

Union Assurance is well established entity within the Life Insurance industry with an array of innovative, tailor made life insurance solutions to suit any lifestyle requirement. The experience the company has gained while continuing its operations for more than 30 years has made it possible to protect and safeguard lives and livelihoods across Sri Lanka.

The Bancassurance distribution channel at Union Assurance has grown over the years to become the largest bancassurance operation in Sri Lanka covering over 500 bank branches of five leading bank partners. Through this MOU, Union Bancassurance will be able to expand its reach and make a positive impact in the lives of a wider group of individuals.

Mr. Indrajit Wickramasinghe, Director / Chief Executive Officer of Union Bank expressed his views on this partnership “We are pleased to enter into a preferred bancassurance partnership with Union Assurance who also places the same importance on serving the people with the best solutions and services that they could offer to empower and enrich their lives. This strategic partnership will help both entities to grow together which will lead to a strong partnership”

Mr. Dirk Pereira, Director / Chief Executive Officer of Union Assurance PLC sharing his thoughts expressed that “As a pioneer in the bancassurance field, this partnership will help us to have a strong corporate relationship with the Bank and will also assist us to reach out to diversified customer segments to provide them with the best array of Life Insurance solutions and develop new relationships in untapped markets. The constantly evolving structure of our product portfolio and service models will help us set new standards in the industry which will benefit both organisations and their stakeholders.”

Union Bank is amongst the top 5 private commercial Banks in Sri Lanka in terms of market capitalization and is an innovation driven and strategically focused banking solutions provider.

The preferred partnership is a mutually beneficial agreement that allows Union bank to provide one stop financial solutions for its customers across the branch network, while allowing Union Assurance to tap into a wider customer base providing them with an industry leading customer service standard.

Union Assurance is one of Sri Lanka’s largest providers of life insurance solutions in the country backed by the strength and stability of one of Sri Lanka’s largest conglomerates–John Keells Holdings PLC. Celebrating over 30 years of excellence, Union Assurance continues to invest in people, products and processes to become a trustworthy life changing partner in success for all stakeholders. Bancassurance being one of UA’s diversified sales channels consists of a team of experienced, dynamic and outstanding professionals powered with the latest technology to provide a convenient and trusted service for its customers.

Mr Alexis Lovell, Chairman National Asset Management Limited (NAMAL) announced the appointment of Mr. Rusiru Abeyasinghe as the Chief Executive Officer of the company, effective from August 15, 2018. National Asset Management Limited (NAMAL) is the pioneer Unit Trust management company in Sri Lanka established in 1991 with 27 years of experience and a successful track record of investing in equity and fixed income markets. NAMAL is a subsidiary of Union Bank of Colombo PLC and the other shareholders include DFCC Bank PLC and Ennid Capital (Pvt) Limited.

Possessing experience across multiple asset classes, Mr. Abeyasinghe brings with him a substantial track record of achievement. An industry veteran of 11 years, Mr. Abeyasinghe joins the firm from DPMC Assetline Holdings (Pvt) Limited (DPAH), where he served as Chief Operations Officer. DPMC Assetline Holdings is a member of the David Peiris Group and a wholly owned subsidiary of DP Holdings (Pvt) Limited. Prior to DPAH, Mr. Abeyasinghe served as the Head of Investments at Phoenix Ventures (Pvt) Limited (PVL), which is the parent company of Brandix Lanka Limited and Phoenix Industries Limited. At PVL Mr Abeyasinghe managed a diverse portfolio of assets consisting of listed equity, fixed income, private equity and real estate. He also served as a nominee Director of PVL at Saffron Aviation (Pvt) Ltd, the operator of Cinnamon Air. Mr. Abeyasinghe holds an MBA from the Cardiff Metropolitan University and is also an Associate Member of the Chartered Institute of Management Accountants (UK).

Union Bank launched a comprehensive portfolio of Credit Cards, powered with VISA payWave, adding greater versatility and vibrancy to its Retail Banking product offering. The introduction of contactless Credit Cards signifies and endorses Union Bank as one of the fastest growing Banks in Sri Lanka transforming its ambitions in the Retail Banking business, and offering a one-stop solution for all financial needs of its customers.

Union Bank Credit Cards are launched under Gold, Platinum and Signature card propositions. The Credit Cards have been designed around the needs of the client segments giving special care to the lifestyle needs identified in the bank’s strategic customer segmentation approach with a wide range of offers, benefits and unique features.

Union Bank is the first Bank to go live with all its cards powered with VISA payWave’ which would place these cards amongst the most sophisticated plastics in the industry, that are well adoptable to the ongoing digital transition in the industry. Visa payWave will facilitate greater convenience to cardholders with faster checkout at Visa payWave enabled points-of-sale.

The range of Credit Cards are offered at competitive rates of interest, making them the most economical gateway to an array of premium lifestyle benefits and privileges.

Union Bank Credit Cards come with payment-plan options that include an attractive balance transfer opportunity starting at zero percent, greater financial freedom with 0% instalment plans for high value purchases from leading retailers, and a distinct rewards scheme that enables cardholders to earn as they spend.

Commenting on the Card, Vice President-Retail Banking of Union Bank Mrs. Chaya Jayawardana said “Enveloped with a wide range of benefits and privileges, Union Bank Credit Cards deliver experiences to cardholders with more savings whilst covering their daily essential needs. Delivering enhanced experiences it paves way to uplift your lifestyle with valuable savings every step of the way. Enriched with a gamut of year-around offers the “lifestyle card” is just about everything! Ease-out your burden. Explore your passion. Strengthen your routine and enjoy at your own stride.”

Union Bank Credit Cardholders will enjoy the convenience of managing their card online through the Bank’s mobile app and internet banking providing greater convenience at the finger tips from anywhere in the world. The Cards are empowered with an instant cash withdrawal option up to 50% of the credit card limit to facilitate urgent cash requirements and any emergency.

Card repayments are facilitated through any online banking system without compromising the card or having to use the Card number exposing it to unforeseen phishing attacks.

Union Bank Signature cards are exclusively designed for the high net-worth clientele to deliver exclusive lifestyle offers and privileges that deliver opulence and luxury to complement their lifestyle. Having identified the significant lifestyle needs of the diverse client segments which the Bank aims to serve, Union Bank Credit Cards have been enriched with a gamut of year-around offers that are well positioned to enhance the experiences of its users and enrich their lives with valuable savings on daily essentials, dining, fashion and retail experiences, entertainment, holiday and travel.

Credit Cards are available across the Bank’s island wide branch network and inquiries could simply be made online or through the Bank’s 24 x 7 contact center hotline on 011 5800 5800 to avail of a personalised service by a dedicated sales personnel.

More information on the Union Bank Credit Cards and other products and services of the Bank can be accessed at the Bank’s corporate website via unionb.com.