Nepalese billionaire Binod Chaudhary, who has invested in several Sri Lankan properties, is to acquire 70.84% shares of Union Bank (UBC) via CG Capital Partners, a private equity company incorporated in Singapore under the umbrella of CG Corp Global. 

A statement issued in this regard noted that when the transaction was announced to the Colombo Stock Exchange on 1 December 2022, the bank’s share value gained 13.3% to close at Rs. 8.50. UBC is among Sri Lanka’s 12 listed banks with a market capitalisation of Rs. 9.1 billion. With the acquisition of the majority shares in UBC, the CG Group is set to make its maiden foray into the financial services industry in Sri Lanka. 

CG is also the largest shareholder in Nabil Bank, which is currently the largest bank in Nepal’s private sector, subsequent to its recent acquisition of Nepal Bangladesh Bank. As per the statement, Chaudhary, who has been featured in the Forbes Billionaires Rich List since 2013, has a longstanding friendship with Sri Lanka. 

“At this moment, Sri Lanka is going through very tough times and is struggling to mobilise foreign funds and investments even through the IMF,” stated Chaudhary. 

“Banks are under tremendous pressure, as are the borrowers. And yet again, despite all these economic setbacks, we have decided to take a plunge into Sri Lanka. We know it’s going to be tough, but that’s the extent of confidence and our deep-rooted close ties with Sri Lanka,” he said of his investment into the eighth-largest listed bank in Sri Lanka. 

CG Corp Global, Nepal, is the first and only billion-dollar multinational conglomerate with a legacy of 140 years across four generations. CG Corp Global has 123 brands, 160 companies, and over 15,000 employees, and is spread across 32 countries with industry forays into fast-moving consumer goods (FMCG), retail, food, banking, hospitality, telecom and education, among others.