Sri Lanka's Union Bank sells 70 pct stake to TPG for $113 mln

COLOMBO Thu Aug 14, 2014 5:49am EDT

COLOMBO Aug 14 (Reuters) - Sri Lanka's Union Bank of Colombo PLC on Thursday said it had agreed to sell a 70 percent stake for $113 million to a subsidiary of TPG Capital Management LP.

Culture Financial Holdings Ltd, an affiliate of TPG, will invest up to about $113 million in Union Bank of Colombo through a combination of primary and secondary shares, the bank said in a statement to the Colombo Stock Exchange.

The deal represents 70 percent of the issued share capital and warrants of the bank. (Reporting by Shihar Aneez amd Ranga Sirilal; Editing by Matt Driskill)

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