Business Times

Lovell takes over as Union Bank's head honcho

Alexis Indrajit Lovell has taken over as the new chairman of the Union Bank (UBC) with Asoka de Silva as his new Deputy Chairman, the bank said last week. It said under the stewardship of the former Chairman Ajita de Zoysa, UBC’s transformation from a small player in 2003 to a prominent dynamic player within the industry by 2012 has been remarkable.

From 2003 to 2012, UBCs total asset base grew from a mere Rs. 3.6 billion to Rs.26 billion. “From a loss making status in 2003 April, UBC has continuously recorded growth in profitability and posted a net profit of Rs 308 million in the financial year 2011,” the bank said in a statement.

Mr. Lovell was appointed to the Board in 2007 as a Non-Executive Director and was subsequently appointed as the Deputy Chairman in December 2010. He has over 30 years of experience in finance and investment banking, is a Chartered Management Accountant (UK), and was awarded the MBE (Most Distinguished Order of the British Empire) by Her Majesty the Queen of England for services to investment banking.

Mr. de Silva, appointed to the Board as an Independent Non- Executive Director in 2008, has earlier also served as the Deputy Chairman of the board from December 2008 until December 2010. He is the former CEO/General Manager of the People's Bank.

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