The Finance & Guarantee turns UB Finance
By Elmo Leonard
UB Finance and Guarantee Ltd is the new name for the fallen Ceylinco Group’s The Finance and Guarantee Co Ltd, effective last week. What remained of F&G Co Ltd was acquired by Union Bank of Colombo PLC for over a year. Then, investors were told to agree to 40 percent or more of their invested capital to be turned to shares. For the remaining capital, investors continue to receive “market rates” or state bank savings interest rates.
At an extraordinary general meeting of The Finance & Guarantee Co Ltd comprising investors, it was unanimously agreed last week to change the name to UB Finance Co Ltd. The company had received approval for the change, from Central Bank of Sri Lanka and the Registrar of Companies.
