UB Finance rectifying its share registry
View(s):The Union Bank which has restructured its finance arm UB Finance says presently it’s in the process of rectifying the finance company’s share register in a bid to streamline its shareholdings.
“We made an application to court with fresh and updated information on our share registry. This is another step to be compliant with listing regulations,” Alex Lovell, Chairman UB Finance said.
Mr. Lovell, also Chairman of Union Bank said that Union Bank, which has 77 per cent in UB Finance isn’t planning to sell the finance company. “We need to go public with this company as per the Central Bank (CB) guidelines in the short term. There’s no point in selling an entity which hasn’t matured. Even when selling we want to be sure that our long-term plans are carried out,” he said, adding that UB Finance has come a long way in terms of operational and risk management control and business development.
The Union Bank together with its Strategic Investment Partner ShoreCap II Ltd invested Rs. 1.15 billion to acquire a controlling interest in UB Finance Company Ltd in November 2011, making it the first finance company to be owned by a private commercial bank. Union Bank and ShoreCap II currently and collectively hold a 94 per cent stake in the company.