CG Corp Group appoints its nominees to Union Bank Board

Trevin Fernandopulle

Nirvana Kumar Chaudhary

Malay Mukherjee

New majority shareholder CG Corp Group, yesterday announced the appointment of its nominees to the Board of Union Bank, including the new Acting Chairman.

This is following the completion of the acquisition of 70.84% controlling stake held by Culture Financial Holdings TPG Asia VI SF by CG Capital Partners Global Ltd., backed by Nepal’s only Forbes list billionaire and long standing investor in Sri Lanka, Dr. Binod K. Choudhary.

Veteran banker, Trevin Fernandopulle who was Deputy Chairman and Senior Director has been appointed as the Acting Chairman. Nirvana Kumar Chaudhary and Malay Mukherjee have been appointed as the new Non-Executive Non-Independent Directors.

The appointment follows the resignation by TPG nominees Atul Malik (Chairman), Puneet Bhatia and Michael J O’Hanlon yesterday.

Fernandopulle is a veteran banker with over 40 years’ experience in the Financial Services sector. Prior to being appointed as a director of Union Bank, he served as the Group Chief Risk Officer/Executive Vice President-Risk of the DFCC Group from 2012 to 2016. During 2009 to 2012, he served as the Chief Risk Officer at Bank of Ceylon, having initiated the setting up of its Risk Management function as an Independent Risk Specialist.

Fernandopulle commenced his banking career in 1978 with HSBC Sri Lanka, where he served for 30 years until his retirement in 2008. During his tenure at HSBC, he acquired wide knowledge and exposure to international banking and risk management; having provided leadership to numerous functions including Risk Management, Foreign Exchange and Treasury, International Trade, Corporate Banking and Retail Operations of the Bank and rising to the position of Deputy Chief Executive Officer (DCEO) of HSBC Sri Lanka.

Fernandopulle serves as the Chairman of AMW Capital Leasing and Finance (an Al Futtaim Group Dubai owned company). He also serves on the Boards of Directors of Enterprise Ceylon Capital Ltd., Continental Insurance Lanka Ltd., Dutch Lanka Trailer Manufacturers Ltd. and Dutch Lanka Engineering Ltd.

He is a Past President of the Chartered Institute of Bankers (Sri Lanka Branch) and a Founder Member/Past Vice President of the Association of Banking Risk Professionals of Sri Lanka and has also served on the Board of the National Insurance Trust Fund.

Fernandopulle holds a BSc. (Mathematics) from Imperial College, University of London (UOL), an MSc (Statistics) from the London School of Economics, UOL and is also an Associate/Fellow of the Chartered Institute of Bankers, London.

Nirvana Kumar Chaudhary has extensive experience as a business leader and is presently the Managing Director of CG Capital Partners Global Ltd, Singapore. N.K. Chaudhary also serves as the Chairman of CG Foods (Nepal) Ltd., CG Brewery Nepal Ltd., CG Electronics Ltd., CG Cement Industries Ltd., CG Pay Nepal Ltd., and Middle Modi Hydropower Ltd., Nepal. He serves as a Director on the Boards of Nabil Bank Ltd., Nepal, CG Foods Bangladesh Ltd., Moldcell – Moldova, CG Finco Ltd., Nepal and Himal Hydro and General Construction Ltd., Nepal.

He holds a Bachelor of Business Administration and a Master of Business Administration (MBA) from Kathmandu University, Nepal and has completed the Entrepreneurial Masters Programs at London Business School, UK and Massachusetts Institute of Technology, USA.

Malay Mukherjee counts over 42 years of banking experience primarily in the areas of Risk, Audit and IT. He holds a Master of Science (MSc) in Physics from Banaras Hindu University, India and was awarded an Honorary Fellowship in Banking and Finance from the Indian Institute of Banking and Finance, India.

Mukherjee presently serves as a Director of Nabil Bank Ltd., Nepal, as Independent Director of Shivalik Small Finance Bank, India and Dilip Buildcon Ltd., India and also works as a Consultant to the Asian Development Bank.

He has previously served as the Managing Director and Chief Executive Officer of IFCI Ltd., India (December 2013 to December 2016), an Executive Director of the Central Bank of India (September 2012 to December 2013), the General Manager in charge of the Risk Management Department and the Technology Management Department of Indian Bank at its Corporate Office in Chennai, India. He was the Chairman of the Board of Directors of Management Development Institute and Institute of Leadership Development and a Member of the Governing Body of Entrepreneurship Development Institute of India. He was also the Chairman of the Board of Directors of IFCI Factors Ltd., IFCI Infrastructure Development Ltd., Tourism Finance Corporation of India Ltd., IFCI Financial Services Ltd., IFCI Venture Capital Funds Ltd., and Stock Holding Corporation of India Ltd.