Union Bank appoints two new Independent Directors

Union Bank announced the appointment of Sabry Ghouse and Sunil Karunanayake as new Independent Non Executive Directors to the bank’s Board of Directors with effect from 30 August 2012.

Appointment of independent directors is an integral part of the bank’s good governance practices, thus ensuring further commitment to the protection of shareholder interest. In this perspective, the new appointments contribute to the increase of the Banks count on independent directors.

M.H. Sabry Ghouse counts over 25 years in the banking industry with core experience in retail banking, both locally and overseas. Previously employed at American Express Bank, Standard Charted Bank and the Alrajhi Bank of Saudi Arabia holding Corporate Management/Director positions, he has been instrumental in setting up retail banking, allied operations and crafting strategy, enabling these banks to emerge as market leaders.

During his tenure in the banking industry, he also spearheaded the successful transition of Standard Charted Bank’s global acquisition of the Grindlays franchise in the Levant region, the launch of American Express credit cards and the launch of the ‘Zero percent’ scheme in Sri Lanka.

He has a wealth of experience in retail banking, strategy, business restructuring, brand and product development, sales and distribution and human capital management. Ghouse holds a MBA from the University of Western Sydney, Australia.

Sunil Karunanayake counts over 30 years experience in active commercial and financial management, of which 25 years has been with Unilever Sri Lanka Tea Division, as the Commercial Controller. He also served as the Director/Secretary at Brooke Bond Ceylon Limited.

Karunanayake has extensive exposure in areas of financial management, financial reporting, restructuring, project management, legal/HR functions, treasury, IT administration and general management. He is a Non-Executive Director for three listed companies, chairing the auditing committees in two of the companies.

Subsequent to Unilever, Karunanayake was attached to the Institute of Chartered Accountants of Sri Lanka as the Project Director. Presently he is the Chief Financial Consultant at Associated Newspapers of Ceylon Limited.

Karunanayake also serves as a member of the Board of Trustees of the Thurstan College Trust Fund, Committee Member of the Voluntary Group of the National Hospital SL Accident Service and Committee Member of the Exporters Association of Sri Lanka (Ceylon Chamber of Commerce).

He holds Fellow memberships of the Institute of Chartered Accountants Sri Lanka (FCA), Chartered Institute of Management Accountants UK (FCMA) and also a MBA from the Post Graduate Institute of Management of the University of Sri Jayawardenapura. He also holds a Diploma in Commercial Arbitration from the Institute of Commercial Law & Practice (ICLP)

Welcoming on board the two eminent professionals, Union Bank of Colombo PLC Chairman Alex Lovell stated: “Their wide experience, expertise and exceptional background is indubitably a valued addition to Union Bank and we look forward to their contribution to the bank’s continued success.”

The Board of Union Bank consists of a blend of high profile local and international directors from diverse fields, among whom are some of the world’s best known investors. The bank’s Independent Directors are B. Asoka Keerthi de Silva (Deputy Chairman), Dr. L.J.S. Harsha Cabral PC, Mohamed Aslam Omar, Priyantha Damian Joseph Fernando, Sunil Karunanayake and Sabry Ghouse.

Non Independent Directors are Alexis Indrajit Lovell MBE (Chairman), Prince Faisal Al Abdulla Al-Faisal Al-Saud, Kin Leong Chong and Gerard Ewe Keng Lim. Anil Amarasuriya functions as Chief Executive Officer/Executive Director.

Union Bank is one of Sri Lanka’s fastest growing banks, focusing on the SME and retail sectors with a rapidly expanding branch network of 34 branches with diversified business interests with the acquisition of National Asset Management Limited (NAMAL) and UB Finance.