Seylan Bank chairman steps down

Eastman Narangoda

Eastman Narangoda stepped down as chairman of Seylan Bank after a three -year tenure. Narangoda cited personal reasons for his decision. Appointed Chairman of Seylan Bank PLC on December 30, 2008, Eastman Narangoda was a key-figure who was instrumental in Seylan Bank's turnaround, paving the way for it to emerge as a stable and competitive force after a turbulent period.

His leadership, together with his fellow directors, brought Seylan Bank back to its status as a formidable institution in Sri Lanka's banking sector. This also set an example as possibly one of the few institutions to survive and emerge stronger after a crisis situation during the world economic set back in 2008.

Last month Seylan Bank reported its best ever Q4 results, reflecting a growth of 82 percent over last year to report a post-tax-profit of Rs. 699.73 m (2010 - Rs. 383.91 m) for the quarter.

Profit-after-tax for the entire year surpassed Rs. 1b. This was even after the extraordinary cost of Rs. 698.7 m incurred in the Voluntary Retirement Scheme that was expedited. A banker by profession, Narangoda counts over 35 years of banking experience.