CG Corp Global Chairman expresses confidence in Sri Lanka

Updated: Dec 8 2022 9:22PM

New Delhi, Dec 8 (PTI) Nepalese conglomerate CG Corp Global Chairman Binod Chaudhary has expressed confidence in Sri Lanka despite turbulence in the island nation.

The group had recently acquired a 70.84 per cent stake in United Bank of Colombo (UBC) via CG Capital Partners, a private equity company incorporated in Singapore, making its foray into the financial services industry in Sri Lanka.

"At this moment, Sri Lanka is going through very tough times and struggling to mobilise foreign funds and investments even through the IMF...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," Chaudhary said in a statement.