BOC’s DGM T. Mutugala new CEO at MBSL

Senior banker T. Mutugala has been appointed as the CEO of Merchant Bank of Sri Lanka PLC (MBSL) with effect from 2 May 2013. Muthugala, who is presently a DGM of the Bank of Ceylon, has been serving the bank for 39 years and is expected to retire on 31 July 2013.

Having joined BOC in 1974, he acquired a fine blend of skills in operational, banking, audit and overseas branch operations. Prior to his appointment as a DGM, he provided leadership to the Information Systems Audit functions of the Bank for nearly five years as Assistant General Manager (Information Systems Audit). During this period he contributed immensely to the Bank’s system implementation projects by providing audit clearances.

He is a Non – Executive Nominee Director of MCSL Financial Services Ltd., and serves as the Chairman of the Audit Committee and Risk Management Committee of the same company. He is also a Non-executive Nominee Director on the Board of Hotels Colombo (1963) and a Limited and Alternate Nominee Director of Mireka Capital Land (Private) Ltd.

Muthugala is an Associate Member of the Institute of Bankers of Sri Lanka, a Member of The Chartered Institute of Management Accountants and a Certified Information Systems Auditor.

MBSL is contemplating a conversion to a Licensed Specialised Bank (LSB) in Sri Lanka after its proposed amalgamation with the MBSL savings bank, subject to CBSL approval. MBSL has been functioning with an Acting CEO for a long spell of more than one year and it is confident of aggressive business development with the new CEO taking office considering his wide exposure in the banking sector.