Union Bank’s newest branch opened in Gampaha

Friday, 18 February 2011 09:15 - - {{hitsCtrl.values.hits}}

The newest branch of Union Bank was ceremonially opened by Basil Rajapakse, Minister of Economic Development last week in the presence of Ajita de Zoysa, Chairman Union Bank and a large gathering of guests from the Government and private sectors, religious dignitaries, customers and the local community participated in the event.

Located at No 6 Asoka Gardens, Colombo Road, Gampaha the new branch opened its doors to the residents of Gampaha giving them an opportunity to take advantage of the Bank’s comprehensive and advanced product portfolio covering SME, Retail and Corporate Banking solutions.

Speaking at the opening ceremony, Union Bank Director and CEO Anil Amarasuriya stated that “with the opening of the Gampaha Branch, the Bank expects to increase its reach to a wider spectrum of consumers offering a range of banking solutions with a key focus on the Small and Medium sector with increased lending that would result growth of this sector.”

He further stated that the Banks objective is to be the preferred Bank for SME and retail banking customers by providing exceptional service delivery through personalised customer care.

With the opening of the Gampaha branch Union Bank now has a network of 22 Branches including five branches in the north. 10 new branches are expected to open in the coming months and include locations such as Batticaloa, Trincomolee, Galle and Piliyandala.

Union Bank launched its Initial Public Offering on February 10, 2011 adding yet another mile stone to its 15 year history. The IPO offers 15 million shares at a price of Rs. 25 per share. Being one of the last Banks to list, The IPO is a rare investment opportunity. The Bank expects to raise up to Rupees 1.1 billion through the innovative fund raiser, which also included a Rights issue and a private placement prior to the IPO.

The capital infusion is expected to fuel the Banks ambitious expansion plan and the Bank expects to penetrate to new and untapped markets through strategic initiatives which included Brand building, expansion of the branch network, Product innovation, Technology upgrades and development of alternate channels.

Union Bank commenced operations as the eighth indigenous bank in Sri Lanka in June 1995, with 15 years of expertise; today Union Bank is one of the fastest growing Banks in Sri Lanka.