Cargills Bank Ltd. yesterday announced the appointment of Rajendra Theagarajah as its Managing Director/Chief Executive Officer from 1 January 2018.
Theagarajah is not a stranger to Cargills Bank having joined and served as its Non-Executive Joint Deputy Chairman since December 2016. With this appointment, he will play a pivotal role in executing strategy and delivering the business plan of the bank which includes a roadmap for a listing at a future point in time.
His predecessor Prabhu Mathavan, who successfully completed his tenure as Managing Director/Chief Executive Officer, will continue to be a member of the Board as an Executive Director supporting the business units by overseeing a strong framework of support services including the financial control and reporting functions.
He had served Cargills Bank from its inception having been its Deputy CEO/Chief Finance Officer and subsequently MD/Chief Executive Officer. Under the leadership of Mathavan, Cargills Bank achieved two key milestones: fulfilment of the CBSL Tier I capital requirement of Rs. 10 billion in 2016 and recording profitability from the third quarter 2016.
Theagarajah is a veteran banker with a wealth of experience in the banking and financial services sector and counts over 34 years in banking both locally and internationally.
Prior to joining Cargills Bank he functioned as the Chief Executive Officer of National Development Bank Plc for three years during which time the bank was awarded the coveted ‘Best Bank in Sri Lanka’ accolade by Global Finance Magazine in 2015. Prior to that, he served as CEO/Managing Director at Hatton National Bank Plc for nine years. During this tenure the bank was recognised as the Best Retail Bank in Sri Lanka for seven successive years (2006-13) and was also personally recognised for outstanding Leadership in Banking twice in 2010 and 2013 by the Asian Banker. Theagarajah currently serves as the Chairman of the Ceylon Chamber of Commerce. He is also as an independent non-executive Director of Carson Cumberbatch Plc.
He was also a past Chairman of the Sri Lanka Bankers’ Association (Guarantee) Ltd. and Financial Ombudsman Sri Lanka (Guarantee) Ltd, former Director of the Colombo Stock Exchange and former Chairman of the Asian Bankers Association. He has also served as a Council Member of the Sri Lanka Institute of Directors. Further, he has served as the Chairman of the Chartered Institute of Management Accountants (UK) Sri Lanka Governing Board and also as a member of CIMA UK’s Global Council.
Commenting on the new appointment, Cargills Bank Ltd. Chairman Louis Page stated: “We are delighted to have Mr. Theagarajah lead the management team and drive a clearly defined business plan which includes an eventual listing of the bank’s shares on the Colombo Stock Exchange. We strongly believe that the young management team will benefit immensely from his experience and wide knowledge. We are also very grateful to Mr. Mathavan who stepped in and played the role of CEO during a period when the bank consolidated its operations.”
Cargills Bank is a dynamic presence with extensive use of Digital and Agent Channels. With a vision to be the most inclusive bank in the country, it offers a range of products and services through its growing island-wide branch network and over 300 Cargills Food City outlets, as well as its award-winning Digital Channels including Cargills Cash. Customers have access to a full range of banking and financial services including Private, Retail, SME, Agri, Trade Finance, Treasury and Mid Markets.
With this new appointment, the Cargills Bank Directorate will be Chairman Louis Page, Deputy Chairman Ranjit Page, Managing Director/CEO Rajendra Theagarajah, Executive Director Prabhu Mathavan, Senior Director Mangala Boyagoda, Kamalini De Silva, Faizal Salieh and Richard Ebell.