Union Bank withdraws from primary dealer status

The Monetary Board of the Central Bank has granted approval to Union Bank of Colombo PLC (UBC) to cease its operations as a primary dealer with effect from May 1, 2020.

“UBC will continue to function as a dealer direct participant in the LankaSettle system and transact in scripless government securities on behalf of its customers and maintain its customer accounts in the LankaSecure system,” a Central Bank statement said.

“The Central Bank wishes to emphasize that the above approval is purely based on a business decision of UBC and it does not affect carrying out any of its activities/services as a licensed commercial bank,” it added.