Latest News | CG Corp Global Chairman Expresses Confidence in Sri Lanka

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.

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"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.

Further, he said, "We know it's going to be tough, but that's the extent of confidence and our deep-rooted close ties with Sri Lanka."

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CG Corp Global also has a presence in India and is known for its popular noodles brand Wai Wai.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)