Union Bank ceases operations as Primary Dealer

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

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. The Central Bank said that the approval is based on a business decision of UBC and it does not affect carrying out any of its activities/services as a licensed commercial bank.