Fairfax appoints nominee to NTB Board

Monday, 22 December 2014 00:00 - - {{hitsCtrl.values.hits}}

Fairfax Financial Holdings Ltd., which owns 15% stake in Nations Trust Bank Plc has appointed its nominee to the Board of the latter. The nominee is Harsha Raghavan, who is the Managing Director and CEO of Fairbridge Capital of Mumbai, India, which is a fully owned investment company of Fairfax. The insurance, reinsurance and fund management business specialist Fairfax is based in Canada.

Raghavan has been with Fairbridge Capital since 2011. In Fairbridge Capital, he has led more than $ 500 million worth of acquisitions including Thomas Cook India Ltd.,, Sterling Holidays and Ikya Human Capital Solutions. He actively supports group company activities including senior management and compensation decisions, strategic planning processes and follow-on-acquisitions. Prior to joining Fairbridge Capital, Raghavan has served in Steer Capital Advisors LLP, Candover Partners and Goldman Sachs Principal Investment Area of Mumbai, India. In these prior roles, he has executed more than two dozen transactions totalling over $ 1.5 billion in investment. Raghavan serves on the Boards of Thomas Cook (India) Ltd., Thomas Cook Lanka Ltd., Thomas Cook (Mauritius) Holding Company Ltd., Sterling Holiday Resorts Ltd., Ikya Human Capital Solutions Ltd., Magna Infotecth Ltd., and Avon Facility Management Services Ltd. He also serves on the audit and compensation committees of all these companies. He recently joined the Board of Fairfax India Holdings Corporation, a company registered in Canada. Raghavan holds MBA and MS in industrial engineering degrees, both from Stanford University and BA in Computer Science and Economics from U.C. Berkeley. Following the changes announced, the Board of Directors of Nations Trust Bank will comprise Krishan Balendra (Chairman), Renuka Fernando (CEO/Director), D. Weerakoon, A.R. Rasiah, M.E. Wickremesinghe, M. Jafferjee, K. D e Soysa, D.P. De Silva, N.S. Panditaratne, K.O.V.S.M.S. Wijesinghe, K. Jayasuriya and G. Cooray.

Piyaratne to retire from NTB Board

NTB on Friday announced that veteran banker Sarath Piyaratne will retire from the Board of Directors with effect from 31 December 2014. This is consequent to the expiry of his term of employment. Piyaratne was appointed to the NTB Board in October 2006, after a successful career at HSBC spanning 28 years.