More investors at Union Bank

Union Bank, in the process of meeting the minimum paid up capital requirements requested by the Central Bank, is negotiating with some foreign buyers to invest in the bank.

“A deal is to be finalised this week,” Mahendra Fernando, the Bank’s Director/CEO, said. The Bank which had a capital base of Rs.500 million in April 2005 needs to raise that to Rs.1.2 billion by the end of this year, and thereafter to Rs 2.5 billion by the end of 2007 under Central Bank rules.

We are on track to fulfil this year’s requirement,” another Bank source confirmed.