Union Bank’s new brand positioning gains int’l recognition at Global Excellence Awards 2015

Union Bank received the award for Excellence in Branding in the Banking, Financial Services and Insurance sector at Global Excellence Awards 2016 held in Kuala Lumpur, Malaysia. The award acknowledges the great strides made by the Union Bank brand within the banking industry of Sri Lanka, subsequent to the repositioning of the brand as a fully-fledged commercial bank in 2015. 
Commenting on the award, Union Bank Assistant Vice President Marketing Thishani Dissanayake said, “We are honoured and delighted to receive international recognition for the success in building Union Bank’s brand. The bank’s focused efforts in re-establishing the brand as a fully-fledged commercial bank in a bid to propel its new strategic direction, have enabled us to build widespread, sizable audiences within a short time period.

Following the landmark capital investment by the global investment giant TPG in 2014, today Union Bank has assumed a new business model and a fresh brand outlook, having embarked on an ambitious journey towards becoming a leading, household financial brand in Sri Lanka.  In line with this strategic direction, Union Bank developed a comprehensive corporate brand building strategy themed ‘Make the rest of your life the best of your life’, in a bid to reach identified brand objectives. The award affirms the success of these brand building efforts that have secured noteworthy visibility and market presence in a highly competitive industry, within a brief period of time,” Dissanayake further stated.  

The Union Bank brand has a 20-year history in the Sri Lankan banking industry. Initially established to provide financial solutions to corporates, it was later repositioned to take advantage of business opportunities in the small and medium enterprise (SME) sector, which was seen as a niche catered to by few banks. Over the years, Union Bank has built up a strong identity as a preferred SME banking partner for aspiring entrepreneurs. 

Led by a bold and ambitious strategic direction, the bank has now diversified its product and service portfolio to establish itself as a fully-fledged commercial bank. Supported by the strength of TPG, today Union Bank has etched a solid foundation of financial stability for itself backed with international know-how and best practices. The bank now aims to fully leverage on its strong standing, global expertise and experience garnered from the new pathway inked, to reposition the bank as an industry leader. 

The bank’s strategic marketing initiatives have paved the way for Union Bank to become one of Sri Lanka’s well established brands, within a short period of time. The brand has received numerous accolades as an endorsement of its strong brand presence. The Union Bank brand was recognised as one of Brand Finance’s Most Valuable Brands in Sri Lanka for three consecutive years and was also awarded the ‘Best SME Bank Sri Lanka 2014’ by Capital Finance International UK.