UB Finance launches factoring and working capital solutions

UB Finance Company Limited, a subsidiary of Union Bank of Colombo PLC, backed by their US based strategic investment partner ShowCap II, has expanded its trade-related portfolio by offering factoring and working capital solutions to small and medium enterprises.

UBF believes that there is an increasing demand for working capital solutions from Sri Lankan businesses seeking to improve their financial liquidity through alternative forms of finance. Hence it is an excellent opportunity to support the development of local businesses through the establishment of the factoring and working capital solutions unit.

Factoring is an effective instrument for large clients as well as small and medium-sized businesses. It will increase the number of buyers, expand the area of deliveries, boost sales, derive maximum profit from seasonal demand highs and liquidate cash gaps.

“We are excited to launch UBF factoring and working capital services and are offering tailor-made working capital solutions to suit our clients’ specific needs, with the support of a dedicated relationship management team,” said Suresh Kandiah, DGM of UBF. “We are also supported by a custom built state-of-the-art factoring and working capital management solution which will provide our clients with on- going support, further enhancing our value to the customer.”

“UB Finance Company Limited is the first finance institution to be backed by a commercial bank in the private sector. Therefore, having the stability of a bank and flexibility of a finance company, we are well ahead in providing specialised service to our clients,” said Himali Perera, Senior Manager Factoring, the latest addition to the management team of UBF.

Counting over 15 years of experience in the banking and finance sector, Perera believes that providing superior customer service is the key to success in this competitive industry. She added that her team is ready to support clients with out-of-the box working capital solutions.

Kandiah emphasised that adding this new product line along with the other existing services such as leasing, higher purchase, loans, fixed deposits, savings and real estate, would provide a comprehensive financial solution to their customers.