DOCSLIB.ORG

Ntb-Prospectus-2013.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ntb-Prospectus-2013.Pdf Prospectus NATIONS TRUST BANK Debenture Issue 2013 Managers to the Issue : Trustees to the Issue : Nations Trust Bank PLC Issue of 20,000,000 Listed, “A(-)” Rated, Unsecured Subordinated Redeemable Five Year Debentures at an issue price of Lkr 100 each amounting to Lkr 2,000,000,000 (With the option to Issue a further 10,000,000 Listed, “A(-)” Rated, Unsecured Subordinated Redeemable Five Year Debentures at an issue price of Lkr 100 each in the event of an oversubscription of the initial 20,000,000 debentures) Listing on the Main Board of the Colombo Stock Exchange Rated “A-(lka)” by Fitch Ratings Lanka Limited Issue opens on 12th December 2013 Managers to the offering Waldock Mackenzie Limited The Colombo Stock Exchange (“CSE”) has taken reasonable care to ensure full and fair disclosure of information in this Prospectus. However, the CSE assumes no responsibility for the accuracy of the statements made, opinions expressed or reports included in this Prospectus. Moreover, the CSE does not regulate the pricing of the Debentures which is decided solely by the Issuer. The delivery of this Prospectus shall not under any circumstance constitute a representation or create any implication or suggestion that there has been no material change in the affairs of the Company since the date of this Prospectus. If you are in any doubt regarding the contents of this document or if you require any clarification or advice in this regard, you should consult the Managers to the Issue, Investment Advisor, Lawyer or any other Professional Advisor. Responsibility for the Content of the Prospectus This Prospectus has been prepared by Waldock Mackenzie Limited (hereinafter referred to as “WML”) on behalf of Nations Trust Bank PLC. Nations Trust Bank PLC (hereinafter referred to as “NTB” or “the Bank”) and its Directors confirm that to the best of their knowledge and belief, the information contained herein is true and correct in all material respects and that there are no other material facts, the omission of which would make any statement herein misleading. While NTB has taken reasonable care to ensure full and fair disclosure of pertinent information, it does not assume responsibility for any investment decisions made by the investors based on the information contained herein. In making such investment decisions, prospective investors must rely on their own knowledge, examination and assessments on NTB and the terms of the Debentures issued (knowledge, perception together with their own examination and assessment on NTB and the terms and conditions of the Debentures issued) including the risks associated. Registration of the Prospectus This Prospectus is dated 05th December 2013 A copy of this Prospectus has been delivered to the Registrar General of Companies of Sri Lanka for registration in accordance with the Companies Act No. 07 of 2007. The following documents were attached to the copy of the Prospectus delivered to the Registrar General of Companies. 1. The written consent by the Managers to the Issue, Auditors and Reporting Accountants to the Issue, Lawyers to the Issue, Trustees to the Issue, Bankers to the Issue and Registrars to the Issue for the inclusion of their respective names in the Prospectus. 2. A declaration to the effect that the Managers to the Issue, Auditors and Reporting Accountants to the Issue, Lawyers to the Issue, Trustees to the Issue, Bankers to the Issue and Registrars to the Issue have not withdrawn their consent referred to above, prior to the delivery of the Prospectus to the Registrar General of Companies. 3. A declaration by each of the Directors of the Company in terms of the Companies Act and confirming that each of them have read the provisions of the Companies Act and the CSE Listing Rules relating to the issue of a prospectus and that those provisions have been complied with. Representation No dealer, sales person, individual or any other outside party has been authorized to give out any information or to make any representation in regard to this Issue other than the information and representations contained in this Prospectus and if given or made such information or representations must not be relied upon as having been authorized by the Company. This Prospectus has not been registered with any authority outside Sri Lanka. Non resident investors may be affected by laws of the jurisdiction of their residence. Such investors are responsible to comply with the laws relevant to the country of residence and laws of Sri Lanka, when making the investment. The delivery of this Prospectus shall not under any circumstance constitute a representation or create any implication or suggestion that there has been no material change in the affairs of the Company since the date of this Prospectus. If you are in any doubt regarding the contents of this document or if you require any clarification or advice in this regard, you should consult the Managers to the Issue, Investment Advisor, a Lawyer or any other Professional Advisor. For further inquiries please contact the Mangers to the Issue Waldock Mackenzie Limited 242, Union Place, Colombo 02 Telephone 011-4724866/4719656 Fax 011-4791723 As per the Directive of the Securities and Exchange Commission made under Circular No. 08/2010 dated November 22, 2010 and Circular No. 13/2010 issued by the Central Depository System Private Limited dated November 30, 2010, all securities allotted must be directly uploaded to the CDS accounts. As such, all Applicants should indicate their CDS account number in the Application Form. Applicants who do not have a CDS account are advised to open a valid CDS account prior to submitting the Application, in order to facilitate the uploading of allotted Debentures to their CDS account. ALL APPLICANTS SHOULD INDICATE THEIR CDS ACCOUNT NUMBER IN THE SPACE PROVIDED ON THE APPLICATION FORM Please note that upon the allotment of the Debentures under this Issue, the allotted Debentures would be credited to the Applicant’s CDS account so indicated. PLEASE NOTE THAT DEBENTURE CERTIFICATES SHALL NOT BE ISSUED. Any application which does not carry a valid CDS account number or indicates a number of a CDS account which is not opened at the time of the closure of the subscription list or which indicates an inaccurate/incorrect CDS account number, will be rejected and no allotment will be made. You can open a CDS account through any member/trading member of the CSE as set out in Annexure C or through any Custodian Banks as set out in Annexure C of this Prospectus. It should be noted that in the event the Applicant’s CDS account number is correctly stated in the application form, all correspondence with such applicant will be sent to the address given to the CDS by such applicant. Further in the event the name or the address of the Applicant mentioned in the application form differ from the name address given to the CDS by such Applicant in respect of the CDS account mentioned in the application form, the name and the address given to the CDS by such applicant in respect of the CDS account mentioned in the application form will be considered as the name and the address of such applicant. Therefore the applicants shall ensure that their name and the address mentioned in the application form tally with the name and the address given to the CDS in respect of the CDS Account mentioned in the application form. Table of Contents Abbreviations and Interpretations 10 Glossary of Terms Related to the Issue 11 1.0 Corporate Information 13 2.0 Salient Features of the Issue 15 3.0 Information Relating to the Issue 16 3.1 Particulars of the Issue 16 3.2 Invitation to Subscribe 16 3.3 Subscription List 16 3.4 Objectives of the Issue 17 3.5 Tenure of the Debentures 17 3.6 Interest on the Debentures 17 3.7 Payment of the Principal and Interest 17 3.8 Rating of the Debentures 18 3.9 Trustee to the Debenture Issue 19 3.10 Rights of the Debenture Holders 19 3.11 Risk Factors Specifically Associated with the Debentures 19 3.12 Benefits of Investing in the Debentures 21 3.13 Transfer of the Debentures 21 3.14 Listing 22 4.0 Procedure for Application 23 4.1 Prospectus and Application Form 23 4.2 Who May Apply 23 4.3 How to Apply 23 4.4 Mode of Payment 26 4.5 Foreign Currency Remittance 27 4.6 Rejection of Applications and Delayed Applications 27 4.7 Basis of Allotment 28 4.8 Unsuccessful Applications and Refund Payments 28 4.9 Direct Lodgment with CDS 29 5.0 Overview of Nations Trust Bank PLC 30 5.1 Overview 30 5.2 Group Structure 30 Table of Contents 5.3 Major Shareholders as at 31 March 2013 31 5.4 Principal Activities 32 5.5 Future Outlook/Plans and Assumptions 32 5.6 Risks Associated with the Future Outlook/Plans 33 5.7 Degree of Dependence on Key Customers and Suppliers 33 5.8 Employees and Labour Union Details 33 6.0 Financial Information 34 6.1 Auditors Report for inclusion in the Prospectus 34 6.2 Five Year Summary of Financial Statements 36 6.3 Interim Financial Statements for the period ended 30th September 2013 (Un-Audited) 38 6.4 Audited Financial Statements for the year ended 31st December 2012 61 6.5 Stated Capital 61 6.6 Dividend Policy 61 6.7 Financial Ratios 62 6.8 Details of Other Debt Securities 62 6.9 Details of Outstanding Convertible Debt Securities 62 7.0 The Board Of Directors 63 7.1 The Details of the Board of Directors 63 7.2 Directorships Held on Other Boards 68 7.3 Directors Interest in any Asset Acquired, Disposed or Leased 70 7.4 Directors Interest in Material Contracts 70 7.5 Declaration by the Directors 70 7.6 Directors’ Remuneration 70 8.0
Load more

Recommended publications
  • Annual Report 2012, Financial Intelligence Unit of Sri Lanka (Central Bank of Sri Lanka)
    Annual Report 2012, Financial Intelligence Unit of Sri Lanka (Central Bank of Sri Lanka) 1 Annual Report 2012 Financial Intelligence Unit of Sri Lanka Central Bank of Sri Lanka ISBN 978 - 955 - 575 - 228 - 2 Printed at the Central Bank of Sri Lanka Printing Press 58, Sri Jayewardenepura Mawatha, Rajagiriya, Sri Lanka Governor’s Message Sri Lanka is committed to prevent money laundering and combat financing of terrorism. As a country that suffered nearly three decades from terrorism, Sri Lanka has a stronger commitment not to allow the ugly head of terrorism to resurge in the country. Terrorism is supported by the availability of financing through various activities such as drug trafficking, human trafficking, smuggling, extortions etc., through such activities may not exclusively be for terrorism financing. Money laundering promotes such criminal activities as it allows their illegal proceeds to be used to acquire any legal property. The Central Bank of Sri Lanka with a mandate to safeguard the stability of its financial system is committed to ensure that proceeds of no such criminal activity are rooted through its financial system. Sri Lanka is well equipped with a legal framework to fight against money laundering and terrorist financing. When the Asia Pacific Group on Money Laundering, in its mutual evaluation in 2006, encouraged Sri Lanka to establish a FIU, necessary legislations were already enacted in 2005 and 2006. However, we were ready to introduce necessary amendments to address deficiencies identified through experiences and in order to be compatible with international recommendations on money laundering and terrorist financing. Accordingly, two major enactments i.e.
    [Show full text]
  • Annual Report 2017/18
    ANNUAL REPORT 2017/18 National Asset Management Ltd No. 07, Glen Aber Place, Colombo 03. T: 9411 2445911 | www.namalfunds.com National Asset Management Limited Contents Chairman’s Review | 2 Board of Directors | 3 Management Team | 7 Investment Manager’s Report | 8 Fund Reports National Equity Fund | 18 NAMAL Growth Fund | 44 NAMAL Income Fund | 68 NAMAL High Yield Fund | 90 Corporate Information | 109 Declaration By Trustees and Managing Company | 110 National Asset Management Limited | Annual Report 2017/18 1 About NAMAL National Asset Management Limited (NAMAL) is the pioneer Unit Trust management company in Sri Lanka established in 1991. With over 25 years of experience and a successful track record of investing in equity and fixed income markets, NAMAL launched the fiywwrst Unit Trust to be licensed in Sri Lanka (National Equity Fund) and the first listed Unit Trust (NAMAL Acuity Value Fund). We operate seven Unit Trusts and offer private portfolio management services as well. A subsidiary of Union Bank of Colombo PLC, our shareholders include DFCC Bank PLC and Ennid Capital (Pvt) Limited. We have a highly experienced and professional management team with widespread experience in domestic and international capital markets. Our Investment Philosophy Our philosophy is to identify and invest in “compounders” – high quality companies with dominant business models, intangible assets, pricing power and low capital intensity. The investment philosophy is clearly reflected in our Investment Management process. Our primary objective is to provide enhanced long term growth while ensuring preservation of capital. Our Unit Trusts Unit Trusts enable individual investors to benefit from professional fund management, investment performance, portfolio diversification, additional investment alternatives and risk management for a low minimum investment.
    [Show full text]
  • Lankaclear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 Lankaclear (Private) Limited 1 Lankaclear (Private) Limited Annual Report 2020/21 2
    LankaClear (Private) Limited Annual Report 2020/21 Annual Report 2020/21 LankaClear (Private) Limited 1 LankaClear (Private) Limited Annual Report 2020/21 2 To revolutionize the transport sector in the country, we unveiled the 2in1 payment card technology to enable ‘Tap and Go’ payment capability in public transport. Ensuring a Quantum Leap in the Transport Sector, this is a pioneering effort to introduce an innovative technology of a single payment card with online and offline capabilities to provide convenience to commuters of public transport. You may get a glimpse of the Sri Lanka Transit Card experience by enabling NFC access in your Smart Phone and tapping the phone on the LankaPay card on the cover page of this year’s annual report. LankaClear has always been in the forefront of understanding consumer needs to make their lives and work seamless by providing real-time and secure transactions. In fact, we are well on our way to integrate THEďLATESTďȶNANCIALďSERVICEďINNOVATIONďTHATďWILLďPOSITIVELYď impact the lives of a majority of Sri Lankans via our 2 INďď0AYMENTď#ARDď7ITHďAďDYNAMICďSHIȺďINďCONSUMERď behaviour and how companies analyse the metrics of online engagement, our services have become indispensable. Our enviable track record shows that we have always strived to bring world-class technology, speed and convenience to a new breed of digital consumers to meet THEIRďDEMANDINGďEXPECTATIONSďINďACCESSINGďȶNANCIALď services. Similarly, we are making traditional brick mortar business a piece of history by bringing the future ever
    [Show full text]
  • Pan Asia Banking Corporation PLC Annual Report 20 12
    Pan Asia Banking Corporation PLC Annual Report 2012 Pan Asia Banking Corporation Annual Report 2012 Vision Corporate Information To become the most customer preferred commercial bank in Sri Lanka Registered Name of the Company Board of Directors Pan Asia Banking Corporation PLC W. D. N. H. Perera - Chairman R. E. U. De Silva - Deputy Chairman Legal Form A. A. Page - Senior Director A Public Limited Liability Company incorporated in Sri Lanka on J. A. S. S. Adhihetty - Director 06 March 1995 under the Companies Act No. 17 of 1982 and re- M. D. S. Goonatilleke - Director registered under the Companies Act No. 07 of 2007. A Licensed H. K. Seneviratne - Director Commercial Bank under the Banking Act No. 30 of 1988 and T. G. Thoradeniya - Director listed in the Colombo Stock Exchange. G. C. A. De Silva - Director Mission Company Registration Number G. A. R. D. Prasanna - Director T. Igarashi - Director PQ 48 T. C. A. Peiris - Director / Chief Executive Officer Accounting Year End 31 December Board Audit Committee A. A. Page - Chairman We will create the largest Stock Exchange Listing M. D. S. Goonatilleke - Director 295,041,086 Ordinary Shares and 700,300 Unsecured H. K. Seneviratne - Director satisfied customer base Subordinated Redeemable Debentures of the Bank are listed on G. C. A. De Silva - Director the Colombo Stock Exchange of Sri Lanka. Board Credit Committee by providing professional, Registered Office / Head Office W. D. N. H. Perera - Chairman No. 450, Galle Road, R. E. U. De Silva - Director personalised, secure, quality Colombo 03. J. A. S. S. Adhihetty - Director Sri Lanka.
    [Show full text]
  • Union Bank of Colombo PLC: Rating Reaffirmed Aug 16, 2021
    Union Bank of Colombo PLC: Rating reaffirmed Aug 16, 2021 Rated Amount Outstanding Amount Instrument Rating Action (LKR Mn) (LKR Mn) [SL]BBB (Stable); Issuer Rating N/A N/A reaffirmed Rating action ICRA Lanka Limited has reaffirmed the Issuer Rating of Union Bank of Colombo PLC (“UBC”/ “the Bank”) at [SL]BBB (pronounced as S L Triple B) with Stable outlook. Rationale The rating reaffirmation takes into account the strategic and financial support received from Texas Pacific Group (TPG) through its affiliate, Cultural Financial Holdings Ltd (CFHL) which held a 70.84% stake as of March 2021. TPG has 3 representatives in the 9-member Board of Directors of the Bank and provides strategic support to the senior management team. Furthermore, ICRA Lanka also considers favourably the Bank’s comfortable capital position, backed by TPG. The Bank continued to maintain comfortable Capital Adequacy Ratios with core capital and total capital adequacy ratio of 15.61% and 15.88%, respectively as in March 2021 (regulatory requirement of 8.00% and 12.00%, respectively). While the rating takes note of the minimum regulatory core capital requirement of LKR 20 Bn to be met by end of CY2022, ICRA Lanka takes comfort from the warrants issued1 to CFHL, maturing in Sep 2022 and which could be exercised to meet the regulatory requirement and expects TPG to provide timely and adequate capital to UBC, if required. However, ICRA Lanka takes cognisance of the Bank’s weak subsidiary; UB Finance Company Limited (Rated [SL] BB/Negative), which operates below the minimum regulatory capital requirement.
    [Show full text]
  • Annual Report Union Bank of C Olombo P Lc
    Union Bank of Colombo Union Bank of Colombo PL C - Annual Report- Annual 2018 Union Bank of Colombo PLC Annual Report Head office: 64, Galle Road, Colombo 03, Sri Lanka. +94 11 2374100 | www.unionb.com Corporate Information You can view this Annual Report online on: www.unionb.com NAME OF THE COMPANY AUDITORS Union Bank of Colombo PLC M/s. Ernst & Young, Chartered Accountants, LEGAL FORM No.201, De Saram Place, A Public Limited Liability Company Colombo 10. incorporated in Sri Lanka under the Companies Act No. 17 of 1982 and re-registered under BOARD OF DIRECTORS the Companies Act No. 7 of 2007. Listed as a Atul Malik - Chairman public quoted Company on the Colombo Stock Priyantha Fernando- Deputy Chairman/Senior Director Exchange. A Licensed Commercial Bank under Indrajit Wickramasinghe - Executive Director/ the Banking Act No. 30 of 1988. Chief Executive Officer Sabry Ghouse DATE OF INCORPORATION Ranvir Dewan 2nd February 1995 Gaurav Trehan Puneet Bhatia COMPANY REGISTRATION NUMBER Michael J O’ Hanlon PB 676 PQ Sow Lin Chiew Dilshani Wijayawardana REGISTERED OFFICE Trevine Fernandopulle No. 64, Galle Road, Colombo 03, ALTERNATE DIRECTORS Sri Lanka. Yoke Sun Woon Tel : +94 11 2374100 Keshav Thakkar Fax : +94 11 2370971 E-mail : [email protected] BOARD SECRETARY Website : www.unionb.com Inoka Jayawardhana SWIFT CODE UBCL LK LC VAT REGISTRATION NUMBER 134005610-7000 In a year where many challenges shaped the way we do business, we have remained resilient based on a strong foundation built on our partnerships. At Union Bank, we believe that achieving sustainable growth in times like these calls for innovation, resourcefulness, and agility.
    [Show full text]
  • FINANCIAL CHECKS – Sri Lanka - Agent Checklist
    FINANCIAL CHECKS – Sri Lanka - Agent Checklist Student Name Date of Birth Agent (Agency) Name You may be required to provide evidence of funds as outlined below. This checklist will assist you to calculate required funds. For information on the financial capacity requirement see http://www.border.gov.au/Trav/Stud/More/StudentVisa-Living-Costs-and-Evidence-of-Funds. Instructions: Please complete this checklist and return it together with bank/agent certified financial documents to [email protected] . All documents must be certified by the Financial Institution, Bank, a Notary Public or your Education Agent. If you are providing bank statements, they must be for the last 6 months ONLY and should be a summary. No more than 10 pages will be accepted. You can choose to provide evidence of funds in two ways. 1. 12 months of funds option 2. Annual income option Please write YES next to which option you choose to indicate evidence of funds in the box below and provide the documentation stated in the relevant section. Option 1 Option 2 Acceptable Financial Institutions Amana Bank MCB Bank Ltd Bank of Ceylon National Development Bank PLC Bank of China Ltd Nations Trust Bank PLC Cargills Bank Ltd Pan Asia Banking Corporation PLC Citibank N.A. People’s Bank Commercial Bank of Ceylon PLC Public Bank Berhad Deutsche Bank AG Sampath Bank PLC DFCC Bank PLC Seylan Bank PLC Habib Bank Ltd Standard Chartered Bank Hatton National Bank PLC State Bank of India Indian Bank The Hong Kong and Shanghai Banking Corp (HSBC) Indian Overseas Bank Union Bank of Colombo SCU CAMPUSES Melbourne: Sydney: Perth: 297 Hay Street, 108 Lonsdale Street, Level 2, 84-86 Mary Street, www.educoglobal.com Melbourne VIC 3000 Surry Hills NSW 2010 East Perth WA 6004 Option 1 – 12 months of funds option Expenses Required funds (AUD) Total funds required (Please specify) Funds required for 12 months’ tuition $31,000 Funds required for 12 months’ living expenses $21,041 Travel costs $4,000 Add for accompanying dependents Spouse or partner Please add $7,362 Please add $3,152 per child Schooling costs.
    [Show full text]
  • Your Choice for Growth T 2011
    A N N U A L R E P O R T2011 FOR GROWTH YOUR CHOICE YOUR UNION BANK OF COLOMBO PLC ANNUAL REPORT 2011 anka. L el : +94 11 2374100 T Web : www.unionb.com Web Union Bank of Colombo PLC 64, Galle Road, Colombo 03, Sri YOUR CHOICE FOR GROWTH Your choice for integrity; your choice for accessibility; your choice for innovation. Here at Union Bank, we give you the best options, and as an entity that believes in providing superior service, we strive to provide the greatest ways in which you can reach your highest potential. Through our personalised service, our focus on creating relationships with our customers and our own mission to develop continuously, we have become exemplary in the banking sector and have become the number one choice for your growth. Contents Financial Highlights 3 About Union Bank 4 Chairman’s Review 8 Leadership Forum 12 GRI Compliance Index 30 Stewardship Corporate Governance 37 Audit Committee Report 57 Integrated Risk Management Committee Report 58 Human Resource and Remuneration Committee Report 59 Directors’ Report on the Bank’s Internal Control System 60 Assurance Report on Internal Control 62 Nomination Committee Report 63 Board of Directors 64 Executive Committee 70 Senior Management Team 72 Brand Building Initiatives 74 Human Resource Policy 82 Managing Risk at Union Bank 84 Investor Relations 92 Financial Reports Annual Report of the Board of Directors on the State of Affairs of the Bank 99 Number of meetings held and attendance 112 Independent Auditor’s Report on Financial Statements 113 Income Statement 114 Balance Sheet 115 Statement of Changes In Equity 116 Cash Flow Statement 117 Notes to the Financial Statements 118 Capital Adequacy 156 Ten Years at a Glance 160 Supplementary Information Glossary 164 Corporate Information 167 Branch Network 168 Notice of Meeting 170 Form of Proxy Enclosed Our Vision To be the innovator of banking solutions especially to the Small, Medium and Personal segments and to be their Bank of choice, through professional and empowered people.
    [Show full text]
  • Fitch Revises Ratings on 11 Sri Lankan Financial Institutions on National Scale Recalibration
    10/16/2020 Fitch Revises Ratings on 11 Sri Lankan Financial Institutions on National Scale Recalibration RATING ACTION COMMENTARY Fitch Revises Ratings on 11 Sri Lankan Financial Institutions on National Scale Recalibration Wed 10 Jun, 2020 - 10:50 AM ET Fitch Ratings - Colombo/Singapore - 10 Jun 2020: Fitch Ratings has revised the National Long- Term Ratings of Sri Lankan financial institutions following the recalibration of the agency's Sri Lankan national rating scale. The recalibration is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch's downgrade of the sovereign rating to 'B-'/Negative from 'B'/Negative on 24 April 2020. Revision ratings are used to modify ratings for reasons that are not related to credit quality in order to reflect changes in the national rating scale. National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka's national scale ratings are denoted by the unique identifier '(lka)'. Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch's international rating scales or with other countries' national rating scales. For details, see "Fitch Recalibrates Sri Lanka National Rating Scale", dated 28 May 2020, at www.fitchratings.com/site/pr/10124103. The National Ratings of the Sri Lankan banks consider their creditworthiness relative to other issuers in the country. The recalibration of the Sri Lankan National Rating scale has
    [Show full text]
  • DFCC Bank Annual Report for 2018
    Produced by Smart Media (Pvt) Limited, a carbon Contents 02 69 About this Report Recognition Awards and Accolades – 69 03 About DFCC Bank 70 Stewardship Integrated Risk Management – 70 04 Corporate Governance – 94 Annual Report of the Board of Directors on Highlights the Affairs of the Bank – 108 Board Committees – 114 Directors’ Statement on 06 Internal Control – 123 DFCC Group Structure Independent Assurance Report – 126 08 127 Leadership Financial Reports Financial Calendar – 128 Message from the Chairman – 08 Statement of Directors’ Responsibilities in Chief Executive’s Review – 10 Relation to Financial Statements – 129 Board of Directors – 12 Chief Executive’s and Chief Financial Corporate Management – 16 Officer’s Statement of Responsibility – 130 Management Team – 18 Independent Auditors’ Report – 131 Financial Statements and Notes – 136 20 Other Disclosures – 243 Business Model Our Value Creation Model – 20 246 Operating Environment – 22 Supplementary Information Strategic Direction and Outlook – 23 Basel III Disclosure Requirement – 246 Stakeholders – 26 Main Features of Regulatory Capital Materiality – 28 Instruments – 263 Ten Year Summary – 266 30 Corporate Information – 267 Management Discussion and Analysis Financial Capital – 30 Institutional Capital – 43 Investor Capital – 45 Customer Capital – 49 Employee Capital – 56 Business Partner Capital – 61 Social and Environmental Capital – 66 This Integrated Annual Report serves as a disclosure of our strategy, governance, performance About A condensed “annual snapshot” and prospects
    [Show full text]
  • Union Bank of Colombo PLC: Rating Reaffirmed September 12, 2019
    Union Bank of Colombo PLC: Rating reaffirmed September 12, 2019 Instrument Rated Amount (LKR Mn) Rating Action Issuer rating N/A [SL]BBB (Stable); Reaffirmed Rating action ICRA Lanka Limited, subsidiary of ICRA Limited, a group company of Moody‟s Investors Service, has reaffirmed the issuer rating of Union Bank of Colombo (UBC or the Bank) at [SL]BBB (pronounced SL triple B). The outlook on the rating is Stable. Rationale The rating reaffirmation takes into account the promoter holding of 70% stake by Culture Finance Holdings Ltd (CFHL), an affiliate of the private equity investor Texas Pacific Group (TPG). TPG has five representatives on the 11-member Board of UBC, and provides managerial support to the senior management team. The rating takes note of the experienced senior management team and adequate risk management systems. Further, the rating factors in the Bank‟s comfortable capital profile with common equity Tier-I (CET-1) of 17.23% as on June 30, 2019 and remains above the minimum regulatory level of 12.50%. Nevertheless, the rating takes note of the regulatory minimum core capital requirement of LKR 20 Bn to be complied by Dec-20. ICRA Lanka envisages that the Bank would need fresh external capital to meet the regulatory minimum core capital requirement of LKR 20 Bn by Dec-20 and expects timely support from TPG by way of exercising the warrants, and infusing capital, when required, to meet the same. The rating factors in the Bank‟s modest size with an asset base of LKR 122 Bn as on June 30, 2019.
    [Show full text]
  • Institutions Licensed by the Central Bank of Sri Lanka to Take Deposits from the Public (As at 10.05.2012 , in Alphabetical Order) Licensed Commercial Banks 1
    NOTICE TO THE PUBLIC Institutions Licensed by the Central Bank of Sri Lanka to take Deposits from the Public (As at 10.05.2012 , in Alphabetical Order) Licensed Commercial Banks 1. Amana Bank Ltd. 14. National Development Bank PLC 2. Axis Bank Ltd. 15. Nations Trust Bank PLC 3. Bank of Ceylon 16. Pan Asia Banking Corporation PLC 4. Citibank, N.A. 17. People’s Bank 5. Commercial Bank of Ceylon PLC 18. Public Bank Berhad 6. Deutsche Bank AG 19. Sampath Bank PLC 7. DFCC Vardhana Bank PLC 20. Seylan Bank PLC 8. Habib Bank Ltd. 21. Standard Chartered Bank 9. Hatton National Bank PLC 22. State Bank of India 10. ICICI Bank Ltd. 23. The Hongkong & Shanghai 11. Indian Bank Banking Corporation Ltd. 12. Indian Overseas Bank 24. Union Bank of Colombo PLC 13. MCB Bank Ltd. Licensed Specialised Banks 1. DFCC Bank 5. National Savings Bank 2. Housing Development Finance 6. Pradeshiya Sanwardhana Bank Corporation Bank of Sri Lanka 7. Sanasa Development Bank Ltd. 3. Lankaputhra Development Bank Ltd. 8. Sri Lanka Savings Bank Ltd. 4. MBSL Savings Bank Ltd. 9. State Mortgage and Investment Bank Licensed Finance Companies 1. Abans Finance PLC 23. L B Finance PLC 2. Alliance Finance Co. PLC 24. Melsta Regal Finance Ltd. 3. AMW Capital Leasing PLC 25. Mercantile Investments and Finance PLC 4. Arpico Finance Co. PLC 26. Merchant Credit of Sri Lanka Ltd. 5. Asia Asset Finance PLC 27. Multi Finance PLC 6. Asian Finance Ltd. 28. Nanda Investments and Finance PLC 7. Associated Motor Finance Co. PLC 29.
    [Show full text]