Veteran banker Eastman Narangoda is tipped to step down as the Chairman of Seylan Bank at its Annual General Meeting scheduled for today.
The move is despite Narangoda being listed in AGM’s agenda for re-election as Chairman and Director as he retires by rotation in terms of Article 82 of the Articles of Association of the Bank.
Insiders claimed Narangoda, who had a long stint at NSB including as CEO for over five years before being asked to steer Seylan’s turnaround following difficulties triggered by Golden Key fiasco’s impact, was being moved out whilst others said it was voluntary. He was appointed to the Seylan Board in December 2008.
Seylan does not have a Deputy Chairman and in the event Narangoda quits, the Board will either make an interim or full time appointment.
Apart from Narangoda, three other directors N.M. Jaymanne PC, Ajith Devasurendra and executive director N. Nadarajah are also coming up for re-election.
Other directors on Seylan Board are P.L. Withana, Rear Admiral B.A.J.G. Peiris, Ishara Nanayakkara, Mohan de Alwis and P. Kudabalage. The latter two represent interests of Sri Lanka Insurance which owns 15% stake in Seylan whilst Brown and Company (13.87%) and LOLC (9.55%) are the other major shareholders. EPF holds 8.26% whilst BOC owns a 7.5% whilst Dr. T. Senthilverl holds 10% stake.