Narangoda steps down as Seylan Chief; cites personal reasons

Thursday, 29 March 2012 00:00 - - {{hitsCtrl.values.hits}}

Veteran banker Eastman Narangoda today stepped down as Chairman of Seylan Bank after a record-making three year tenure at its helm.

Making the announcement at the Bank’s AGM yesterday Narangoda cited “personal reasons” for his decision.

Appointed as Chairman of Seylan Bank PLC on 30 December 2008, Eastman Narangoda was a key figure who instrumented Seylan Bank’s turnaround, paving the way for it to emerge as a stable and competitive force post a turbulent period.

His leadership, together with his fellow directors, brought Seylan Bank back to its status as a formidable institution in Sri Lanka’s banking sector. This also set an example as possibly one of the few institutions to survive and emerge stronger after a crisis situation during the world economic set back in 2008.

Last month Seylan Bank went on to report its best ever Q4 results, reflecting a growth of 82% over last year to report a post-tax-profit of Rs. 699.73 Mn (2010 – Rs. 383.91 Mn) for the quarter. Profit-after-tax for the entire year surpassed Rs. 1 Bn. This was even after the extraordinary cost of Rs. 698.7 Mn incurred for a Voluntary Retirement Scheme.

A banker by profession, Narangoda counts over 35 years of banking experience. He is a Fellow of the Institute of Bankers of Sri Lanka, holds a B.A (Econ) Special Degree in Economics specialising in Banking, and, a Diploma in Advanced Bank Management, Stockholm. He is also a Fellow of the Sri Lanka Institute of Training and Development and a Fellow of the Institute of Management Specialists (UK).

Narangoda headed the National Savings Bank as its General Manager/CEO for over five years. During his tenure, the NSB was awarded the AAA rating by Fitch Ratings for four consecutive years.

He has also held the positions of Director / Vice Chairman of Financial Ombudsman (Sri Lanka) Ltd, Director of NSB Fund Management Co, Asha Central Hospital Ltd, Mercantile Leasing Ltd, Commissioner of the Presidential Commission on Failed Finance Companies.

He is also a Past President of the Association of Professional Bankers and Past President of Sri Lanka Institute of Training and Development and a Director of Wealth Trust Corporation Ltd.