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View(s):Union Bank
Sri Lanka’s Union Bank, following the change of ownership, announced on Monday the resignations of four of its directors to accommodate representatives of the new investor, a Cayman Islands-registered company.
Accordingly, Dr, Harsha Cabraaal, Suren Madanayake, Sunil Karunanayake (all independent, non executive directors) and Prince Faisal Al Abdullah Al Faisal, non independent, non executive director) have resigned. The Central Bank has also approved the appointment of Indrajith Wickremasinghe, formerly NDB, as the new CEO of Union Bank with effect from November 15.
Meanwhile, two new directors at Union Bank, representatives of the new owners, have been appointed with effect from September 29, the bank said on Tuesday.
Gaurav Trehan and Ranvir Dewan are representatives of Culture Financial Holdings Ltd were appointed as non-executive, non-independent directors. Mr. Trehan is Managing Director of TPG Capital India and based in Mumbai while Mr. Dewan is Head of TPG’s Financial Institutions Group Operations based in Singapore. TPG is the holding company of Culture Financial Holdings Ltd.
Jansz, new chairman at DFCC Vardhana Bank
Royle Jansz has been appointed chairman of DFCC Vardhana Bank in addition to his current appointment as chairman DFCC Bank, it was announced in the Colombo Stock Exchange on Monday. He succeeds Rajan Brito whose term of office ends on October 11 under Central Bank rules where a director cannot serve more than nine years in a commercial bank. -
New directors at Browns Investments
Veteran lawyer J.M. Swaminathan (independent, non-executive) and Rajah Nanayakkara (non-executive) have been appointed to the board of Browns Investments PLC, the company said on Tuesday.
Mr. Nanayakkara, is the father of influential businessman Ishara Nanayakkara, Chairman of Browns Investments and other listed companies. The elder Nanayakkara is founder chairman of the family business, Ishara Traders Pvt Ltd which he started 30 years ago and also founder chairman of the Motor Vehicles Importers Association of Sri Lanka. He is also chairman of Ishara Plantations (Pvt) Ltd, a tea and spices estate, and a director of LOLC.