Chairmen of 3 banks to retire this year
View(s):Chairmen of three commercial banks are due to retire this year at a time when the country’s financial landscape will change with Central Bank (CB)-ruled mergers and acquisitions.
Stepping down are Dinesh Weerakkody (Commercial Bank), Rajan Brito (DFCC) and Arjuna Gunaratne (Nation’s Trust Bank), according to CB officials. This is in line with CB’s ruling that requires those who have served nine consecutive years on commercial bank boards as well as those over 70 years of age to step down as part of good corporate governance. “All the chairmen that are slated to quit this year fall under the 9-year rule,” a CB official said. Commercial Bank’s Deputy Chairman Dharma Dheerasinghe is slated to fill Mr. Weerakkody’s position subject to the Board’s approval while NTB will likely appoint Krishan Balendra who is a director appointed by NTB’s major shareholder, John Keells Holdings with 30 per cent, according to NTB sources.
According to DFCC sources, it will be headed by a nominee of major shareholder, Harry Jayawardene.