Monday, 26 August 2013 00:00
NDB has announced the appointment of Rajendra Theagarajah as the new CEO of NDB Group with effect from 24 August 2013. His predecessor Russell de Mel, who successfully completed his tenure as CEO, will retire from his services.
NDB has taken appropriate measures to ensure that the transition of the CEO would take place in a smooth and secure manner, while continuing to maintain the solidity and performance of the rapidly growing financial conglomerate.
De Mel, the outgoing CEO, had been with NDB for over 30 years serving in various capacities, mainly in corporate banking. Over the years, he has held numerous positions in the field of project finance, has partnered many of the key commercial projects funded by NDB and has been actively involved in re-aligning the risk management function within the NDB Group.
He advanced to the position of Chief Executive Officer from his position held as Vice President – Head of the Corporate Banking Group in 2010. Under the leadership of de Mel, the NDB Group has evolved into a more robust financial conglomerate. His vision for seamless integration of the group constituents has enabled NDB to offer novel and comprehensive financial solutions to its clientele; strengthening its unique positioning within the industry.
During his tenure, the group also consolidated its position regionally through strategic partnerships and alliances while gaining recognition locally as well as internationally for its sound performance, sustainable business practices and commercial banking growth.
The new CEO Theagarajah is a veteran banker with a wealth of experience in the banking and financial services sector. He counts over 29 years in banking both locally and overseas. Prior to his appointment as CEO of NDB, he served as CEO/ Managing Director at Hatton National Bank for nine years.
Theagarajah was also a past Chairman of Sri Lanka Bankers’ Association (Guarantee) Ltd., Financial Ombudsman Sri Lanka (Guarantee) Ltd., former Director of Colombo Stock Exchange and former Chairman of the Asian Bankers Association. He currently serves as the Deputy Chairman of CIMA Sri Lanka Governing Board and was recently appointed to the Global Council of CIMA.
Theagarajah is the Deputy Vice Chairman of the Ceylon Chamber of Commerce, a member of the Sri Lanka Auditing Quality Assurance Board and a committee member of Sri Lanka Accounting and Auditing Standards Monitoring Board. He is a Council Member of the Sri Lanka Institute of Directors and a member of the Board of World University Service Canada.
Commenting on the new appointment, NDB Chairman Hemaka Amarasuriya said: “It is my pleasure to welcome Rajendra Theagarajah on board. With his proven track record and vast experience within the industry as well as the international banking arena, he is poised to drive the growth of the NDB Group even more aggressively to take the financial conglomerate to new heights in years to follow. I would like to wish him all the very best in his endeavours at NDB and assure our support in the strategic evolution of the bank and the group.”
“It is opportune to recognise the contribution of the outgoing CEO Russell de Mel during his tenure of office, which was associated with ‘back to the basics’ initiatives of rapid expansion of the branch network, revitalisation of the SME sector, synergising the strengths of varying sectors of our ‘universal bank’ and expanding beyond boundaries by linking with regional financial institutions for outreach,” Amarasuriya added.
NDB is one of the fastest growing banks in the country with NDB Group having regional operations in the Maldives and Bangladesh. The bank offers a wide range of commercial banking services through its growing island-wide branch network, catering to an increasing customer base from all walks of life.
Through the combined synergies of the diverse constituents of the NDB Group, its customers have access to a full range of banking and financial services, including project finance, corporate banking, SME lending, retail banking, investment banking, stock broking and wealth management solutions, making NDB a truly universal bank.