CG Capital Partners completed the acquisition of a majority stake in Union Bank of Colombo from TPG Asia VI for $100m.

CG Capital Partners, a multi-business conglomerate, completed the acquisition of a majority stake in Union Bank of Colombo, a bank that offers a complete range of products and services to customers in the personal, corporate and SME banking segments with an island-wide branch network, from TPG Asia VI, buyout fund managed by TPG, for $100m. “Union Bank has established itself as one of the leading and reliable banks in the country. The partnership with CG Capital Partners Pte Ltd., will be an immense boost to the bank’s next stage of growth, its staff, and its customers as it progresses to take on new opportunities. Being amongst the banks with a highest Capital Adequacy Ratio, this partnership reaffirms the bank’s financial stability and further supports its future strategic expansion and will act as a catalyst for the bank’s growth journey," lndrajit Wickramasinghe, Union Bank of Colombo CEO.