The Union Bank of Colombo PLC announced the voluntary resignations of four Directors to accommodate the representatives of its new investor, the Cayman Islands based Culture Financial Holdings.

The independent non executive directors who thus resign are Dr. Harsha Cabraal PC, Suren Madanayake, Sunil Karunanayake who do not own any ordinary voting shares and non independent non executive director Prince Faisal Al Abdullah Al Faisal Al Saud who is the representative of Exsab International Holding Company for Trading Development, which currently holds 15 million shares of Union Bank of Colombo PLC.

Under the Company Take-overs and Mergers Code, Culture Financial Holdings becomes obliged to make an offer to the shareholders of the Union Bank following its acquisition of 68 percent of Union Bank shares.