Nepali billionaire Binod Chaudhary has procured the eighth biggest bank in Sri Lanka at a time when the South Asian country is seriously hit by recession.
Chaudhary Group (CG) of Nepal procured 70.84 percent of shares of Union Bank through the CG capital partners. The procured shares is equivalent to 9.1 billion Sri Lanka rupees, according to BWHindi, a news portal.
“We have decided to procure the bank even though it is undergoing financial crisis due to debt servicing,” BWHindi quoted Chaudhary as saying.
The decision to procure the bank was first announced in the Colombo Stock Exchange on November 1.
The biggest shareholder of Nabil Bank, the CG has already invested a huge amount of money in the hospitality sector in Sri Lanka.
Chaudhary had featured as a billionaire in Forbes Magazine since 2013.
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