TPG

TPG takes control of Sri Lanka’s Union Bank

TPG buys up to 75% of Union Bank of Colombo for $117m, Sri Lanka’s biggest ever private equity investment.

US private equity firm TPG is acquiring up to 75% of Union Bank of Colombo UBC for $117 million, the largest ever buy out in Sri Lanka and a vote of confidence in the island's economy as it emerges from 26 years of civil war. 

Sri Lanka now has one of the fastest growing economies in the world, and to keep the growth trajectory on track its central bank has been looking at ways to bolster the stability and competitiveness of the country’s inefficient and largely state-dominated banking system. It approved TPG’s investment in UBC on August 6.

“As a strategic and first-time investor in...

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