Ajit, Eranjith to step down from NTB Board

Monday, 19 December 2011 00:00 - - {{hitsCtrl.values.hits}}

In a well prepared move founder directors of Nations Trust Bank (NTB) Ajit Gunewardene and Eranjith Wijenaike are to step down as Chairman and Deputy Chairman respectively late this month paving the way for new dynamic young blood to steer the company forward.

The duo who represents the major shareholders has been serving the NTB Board for 12 years. The news of impending resignation comes at a time when the commercial banking industry is experiencing a legal development where a shareholder at Commercial Bank K.C. Vignarajah has obtained an enjoining order preventing the application of two Central Bank directives requiring resignation of Directors who had served nine years and those who are of 70 years of age.

Ajit who is the Deputy Chairman of JKH is also the single largest individual shareholder of NTB with a stake of 2.5%. Eranjith is the Managing Director of Central Finance.

The chairmanship of NTB is expected go to JKH Director Ronnie Peiris who currently serves on the Bank Board.

Names of two nominees replacing Ajit and Eranjith is pending Central Bank approval.

The duo are also leaving after leading the Bank to over Rs. 1 billion profitability from zero at the start.

Analysts have widely credited NTB for having a well represented and dynamic young Board and the resignation by the duo will see a further addition to this unique character of the Bank. This is part of the strategic intent of the controlling shareholders and in the larger interest of the Bank aimed at serving all stakeholder interests.

“Preparations to step down had been planned three years ahead and during the transition several new persons have been brought in to strengthen the NTB Board,” they added.

At present the Board of Directors of NTB comprises Ajit Gunewardene (Chairman), Eranjith Wijenaike (Deputy Chairman), S. Rajakaruna (Director/ CEO), Renuka. Fernando (Deputy CEO), Krishan Balendra, J.R.F. Pieris, A.K. Gunaratne, Dushni Weerakoon (Independent Non Executive), A.R. Rasiah (Senior Director/Non Executive), Maithree Wickremesinghe, (Senior Director/Independent Non Executive), Sarath Piyaratna, Murthaza Jafferjee (Independent Non Executive), Kemal De Soysa (Independent Non Executive)