Alex Lovell, new Union Bank chairman

Union Bank of Colombo PLC (UBC) appointed Alexis Indrajit Lovell as the new Chairman and Asoka de Silva as the new Deputy Chairman from May 1, consequent to Ajita de Zoysa, former Chairman relinquishing his services after serving nine years in keeping with the requirements of the Corporate Governance direction of the Central Bank.

UBC's transformation from a small player in 2003 to a prominent dynamic player within the industry by 2012 has been remarkable, under the stewardship of the former Chairman Ajita de Zoysa, the Bank said in a statement.

From 2003 to 2012, UBCs total asset base grew from Rs. 3.6 billion to Rs. 26 billion. Net assets which recorded a negative figure of Rs 173 million in 2003 have been converted to a positive of Rs. 5.2 billion.

Lovell was appointed to the Board in 2007 as a Non-Executive Director and was subsequently appointed Deputy Chairman in December 2010.

He has over 30 years' experience in Finance and Investment Banking.

Lovell is a Chartered Management Accountant (UK), and holds a postgraduate degree in Business Administration.

He was awarded the MBE by Her Majesty the Queen of England for services to Investment Banking.