Fresh start for TF&G with Union Bank acquisition

Friday, 25 November 2011 00:00 - - {{hitsCtrl.values.hits}}

Union Bank of Colombo PLC (UBC) together with an international foreign investment Fund ShoreCap acquired over 98 % of the voting shares of The Finance and Guarantee Company Ltd. (TF&G), infusing new capital to resurrect one of Sri Lanka’s oldest finance companies at a total investment in excess of R. 1.1 billion early this month.

TF&G, established in 1961 with a heritage of over 50 years in the finance industry, will be driven to new heights with the backing of Union Bank, which is indubitably one of Sri Lanka’s fastest growing banks.

With a new strategic direction and expansion plan in place, TF&G ceremonially commenced business operations under the new management on 24 November 2011, in the presence of TF&G Chairman Ajita De Zoysa.

The first transaction was carried out with Hanco Constructions (Pvt) Ltd. Director Thushira Raddella, who was granted a credit facility, whilst several customers participated in the event to place deposits, highlighting the public confidence in TF&G under the new management.

With expertise and a business portfolio covering real estate, leasing, hire purchase, pawning and loans, and four branches located in Colombo, Ambalangoda, Negombo, Tissamaharama, TF&G is confident its unique value proposition and new strategic direction will support for speedy resurrection of the business. As a result of the re-structuring TF&G also offers customers competitive and attractive rates, flexibility and superior service delivery.