Nepali billionaire Binod Chaudhary-owned firm gets approval to buy stake in Union Bank

CG Capital Partners Global Pte. Ltd., a private company incorporated under the laws of Singapore has received approval from the Monetary Board of the Central Bank to indirectly acquire material interest in Union Bank of Colombo PLC.
The announcement was made by Union Bank in a filing to the Colombo Stock Exchange (CSE) on Friday (15), after a lengthy approval process. 

While details on the transaction were not shared, Union Bank said a further announcement will be made upon the conclusion of the transaction contemplated under received approval.
The initial disclosure was made on 1 December 2022, where Union Bank announced that its major shareholder has entered into a share sale and purchase agreement with a private equity fund owned by Nepal’s CG Corp Global controlled by billionaire Binod Chaudhary to sell its entire stake in the bank.

The nine month old filing noted that the sole shareholder of Culture Financial Holdings Pte Ltd., TPG Asia VI SF Pte Ltd. has entered into a share sale and purchase agreement for the sale of the entirety of the shares held by TPG Asia VI SF Ptd. Ltd. in Culture Financial Holdings Ltd. to CG Capital Partner Global Pte. Ltd.

CG Capital Partners is a Singapore-based joint venture private equity company between Chaudhary’s CG Corp Global and NE Group that invests in pre-seed and seed-stage companies demonstrating a minimum viable product, grown user base and revenue in the immediate future.