Citibank Sri Lanka’s former CEO Dennis Hussey has been replaced by Glen Robert Rase to oversee local operations of the Bank, following a rocky tenure by Mr. Hussey over the oil hedging issue.
Citibank entered into two hedging agreements with the Ceylon Petroleum Corporation (CPC) about two years ago and filed international arbitration proceedings earlier this year seeking enforcement of the contracts.
Banking industry sources said Mr. Hussey was transferred to Japan last month in a non-CEO position after serving in Colombo for about 18 months.
A Citibank press release stated that Mr. Rase was the Bank’s Brunei Corporate Country Officer/CEO for the past decade and has significant experience in areas of finance and international relations, especially in emerging markets. Mr. Rase said he is confident in taking advantage of the prevailing mood of optimism in the country. “I sense that the end of hostility has created a feeling of equilibrium in the country,” he said.
“The mood of optimism is palpable.” Citibank said that along with its long standing proven track record of successful client servicing, Mr. Rase believes that it is time to dovetail on the momentum of business possibilities and partner with the Sri Lankan people.