The Union Bank is seeking Central Bank approval for executive powers to two banker-directors under a programme to strengthen the institution, sources at the bank said.
The Bank, which in September 2007 announced that Rs. 420 million had been invested as capital by Prince Faisal Al Faisal Bin Abdullah Al Saud, grandson of King Faisal of Saudi Arabia and Sri Lankan investment banker Alex Lovell, wants these powers for Asoka de Silva, former People’s Bank CEO who has been appointed as Deputy Chairman and Anil Amarasuriya, former Sampath Bank Managing Director.
Mr Amarasuriya is soon to be appointed CEO, taking over from Mahendra Fernando who is quitting in February, the sources said. The sources said Mr Fernando, whose contract ends in June, wants to move on to other interests. “The changes are essentially to strengthen the bank in terms of new Central Bank rules on governance and capital adequacy ratios,” one source said.