Union Bank introduces ‘Double Vasi’

Union Bank of Colombo PLC announced the launch of ‘Double Vasi’ – a unique investment product for customers. The new product was introduced to its customers on 1 January 2013.

‘Double Vasi’ provides a two pronged investment opportunity with greater returns than the usual five year fixed deposit. 70% of the investment will be invested in a Union Bank fixed deposit for a period of five years with an opportunity to earn an attractive interest rate.

The balance 30% will be invested with the National Equity Fund which has recorded attractive returns for the past 20 years. The National Equity Fund is managed by National Asset Management Limited (NAMAL), a subsidiary of Union Bank.

The investment in the National Equity Fund provides a tax free return and an opportunity to receive an annual dividend.

The investor can redeem the investment in National Equity Fund at any time with no penalty.  This unique product provides the opportunity to invest in the stock market with no risk to the initial deposit.

‘Double Vasi’ adds to the many innovative financial products being offered by Union Bank. As one of Sri Lanka’s fastest growing banks, focusing on small and medium enterprises and retail sectors, Union Bank aims to offer its customers a comprehensive range of financial solutions to address their changing needs.

The bank is forging ahead as a key player in the banking industry in Sri Lanka and has a branch network of 36 branches.