TMCnet News
Board changes at Union Bank(Sri Lanka Sunday Times Via Acquire Media NewsEdge) 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 Islandsregistered 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. Meanwhile the Central Bank has 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 nonexecutive, nonindependent 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. |