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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Back In Business

Back In Business

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1Back In Business Empty Back In Business Mon Nov 28, 2011 9:21 am

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Vice President - Equity Analytics
Vice President - Equity Analytics

Union Bank of Colombo PLC (UBC) together with an International foreign investment Fund ShoreCap acquired over 98 % of the voting shares of The Finance and Guarantee Company Ltd. (TF&G), infusing new capital to resurrect one of Sri Lanka’s oldest finance companies at a total investment in excess of RS 1.1 billion early this month.
TF&G established in 1961 with an over 50 year heritage in the finance industry will be driven to new heights with UBC’s backing, which is indubitably one of Sri Lanka’s fastest growing Banks. With a new strategic direction and expansion plan in place, TF&G began business operations under the new management in the presence of TF&G Chairman Ajita De Zoysa. The first transaction was carried out with Hanco Constructions (Pvt) Ltd. Director Thushira Raddella who was granted a credit facility whilst several other customers participated in the event to place deposits, highlighting public confidence in TF&G under the new management.
With expertise and a business portfolio covering real estate, leasing, hire purchase, pawning and loans; and four branches-in Colombo, Ambalangoda, Negombo and Tissamaharama, TF&G is confident its value proposition and new direction will support for speedy business resurrection. As a result of TF&G’s restructuring, it offers customers competitive and attractive rates, flexibility and superior service deliveryhttp://www.thesundayleader.lk/2011/11/27/back-in-business/

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