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| Sunday, 09 March 2003 |
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| News Business Features Editorial
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C.A. Sarathchandra : Putting education, experience and skills to good use
Education, experience and skills are the keys to success for Candauda Arachchige Sarathchandra better known as C.A. Sarathchandra, the Chief Executive Officer and General Manager of Housing Development Finance Corporation. Education Sarathchandra was born in Matara to a family of eight children. His father was an accountant while his mother was a housewife. He had his primary education at St Servatious College and his secondary education at Rahula College, Matara. Career After completing the Advanced Level examination, Sarathchandra joined People's Bank in 1975 as an executive. While working for the bank, he started studying for professional examinations such as the Chartered Institute of Management Accountants and Banking and left for UK in 1981 to complete his studies. "While studying in UK, I got the opportunity to work as a Trainee Management Accountant at Junction Road Motor Company Archway. The international experience widened my horizons," he added. In 1984, he returned to Sri Lanka and joined Merchant Bank of Sri Lanka (MBSL) as a Credit Officer. During his 10 years at MBSL, he was rewarded with promotions every two to three years; initially as Manager Credit, then as Consultant and as Assistant Director of Credit at the time he left the company. Credit products "During my stint at MBSL, I was responsible for introducing some innovative credit products for the benefit of manufacturers, traders as well as the tea trade. These credit products were introduced to reactivate the stagnant economy," Sarathchandra said. The Domestic Bill of Exchange was introduced to inject working capital to local manufacturers and traders and this mechanism helped some of the leading companies of today overcome their working capital problems during that era. In 1991, the Tea Industry Trade Bill was introduced to overcome the working capital problems of the tea industry and is still used by tea brokers and tea estate owners to swim through difficult periods. In 1995, Sarathchandra joined the People's Bank as Director Finance and Management Service. From 1995 to 1997 he was instrumental in introducing strategic changes to overcome the inherent problems of the bank. In 1997, he joined Seylan Merchant Bank as its CEO and General Manager on the invitation of Mr Lalith Kotelawala. "I made changes in the systems, controls and operations of the bank, based on a medium to long-term strategic plan, emphasising on sound corporate fundamentals. As a result, I could show improvements in all aspects of the bank with innovative corporate applications which helped improve its financial standing." In 1998, he moved to the Housing Development Finance Corporation (HDFC) as Deputy General Manager Finance, in which capacity he functioned until June 2000 when he was promoted as CEO and General Manager. HDFC "When I joined HDFC, most credit lines given by international organisations such as the Asian Development Bank to address the housing needs of the country, had been stopped, but I managed to revive these credit lines for the benefit of all Sri Lankans. I also introduced many changes in the systems and operational procedures. More exciting times lie ahead for HDFC as it will be converted to a Licensed Specialised Bank to offer more products and services related to housing and savings," Sarathchandra added. He said that when he joined the HDFC, its profits were around Rs 10-15 million. This has now increased to around Rs 200 million while the net profit per employee, of Rs 500,000, is a big achievement. Professional Qualifications He is a Fellow of the Chartered Institute of Management Accountants, UK and a member of the International Exporters Association-UK, Economists Association Sri Lanka, Association of Professional Bankers and British Institute of Management. Sarathchandra also holds a Postgraduate Diploma in Economic Development from the University of Colombo and a Master in Business Administration. He has attended seminars and conferences here and abroad to further his knowledge and skills in banking and related activities. Book Sarathchandra has written a book on bank credit titled 'Banku Naya' in Sinhala. It is said to be the first local book on the subject. The 23 chapters of the book include background to bank credit, customer, capital, purpose of the loan, amount of the loan, repayment capacity, period of loan, security, financial position, working capital, bank credit facilities for working capital, agriculture credit, how to obtain a housing loan, international credit and bank credit, bank guarantees, factoring trade credit, leasing, venture capital, merchant banking facilities and loan documents. Advice He said a person who wants to climb the corporate ladder should be educated, experienced and skilled as all these are necessary to be innovative, which is a must to survive and succeed in the open market environment of today. Another must is continuing to update one's knowledge as everyone is expected to adapt to changes.
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