Nepalese billionaire Chaudhary’s CG Group acquires majority stake in Union Bank

The Colombo Stock Exchange (CSE) was yesterday informed that the Nepalese billionaire Binod Chaudhary’s CG Corp Group has completed the deal to acquire the majority stake of Union Bank of Colombo PLC.

The deal was first announced in December 2022 and received the Central Bank and Finance Ministry nod in September 2023.

Accordingly, CG Capital Partners Global Ltd, a private company incorporated under the laws of Singapore, has acquired Culture Financial Holdings, which owns 71 percent shares of Union Bank.

The transaction was carried out as an off-the market deal at an undisclosed price.

The Union Bank share closed at Rs.10.30 today up 10 cents or 0.98 percent from the previous close.