Merchant Bank gets new Acting CEO

Merchant Bank of Sri Lanka (MBSL) has appointed Lakshman Kaluarachchi as the new Acting CEO. Kaluarachchi has had an illustrious career in his field and is a versatile officer who brings with him more than 27 years of wide ranging experience in the financial industry. Making his entry into Merchant Banking in 1994, where he was appointed as the Manager Leasing, he subsequently progressed to hold the positions of Senior Manager Leasing, Assistant Director Leasing and DGM Leasing before being appointed to his current position of Acting CEO. Kaluarachchi also holds a B.Com Special Degree from the University of Kelaniya.

“The Team at Merchant Bank is happy to welcome a senior officer of the calibre of Kaluarachchi,” MBSL Chairman M.R Shah said.

 “As we all know, the Bank is currently in a buoyant and very positive phase of change and growth. In this context, the Board of Directors and I are confident that in his demanding and challenging role as Acting CEO, Kaluarachchi will contribute in no small measure to the Merchant Bank’s continued resurgence in Sri Lanka’s financial industry, where having held a diverse range of positions in the financial sector, he will be able to garner the experience as well as the expertise needed to steer the bank into a prosperous future,” he added.

Commenting on his new appointment Kaluarachchi stated, “As a pioneer merchant bank we believe in equal development of the entire country which also means assisting businesses at grass root levels. With this in mind, we have taken steps to initiate a micro financing scheme named ‘Siyath Saviya’ to extend loan facilities to these businesses.

MBSL extended ‘Siyath Saviya’ loan facilities to self employed people in dairy farming, inland fisheries industry, fruit and vegetable cultivators, paddy cultivators. small scale tea growers, retail shop owners, cottage industries such as small time garment producers, pottery etc.

Kaluarachchi in taking on a new role as Acting CEO will work closely on the bank’s various expansion initiatives, which will continue to be a key driver of Merchant Bank’s growth strategy.

The Merchant Bank of Sri Lanka PLC has made a name for themselves in   providing  a wide range of corporate advisory services such as identifying complex, undervalued opportunities and transforming them into high-value assets, providing capital-raising, strategic advisory and restructuring services to corporate’s and providing financial advisory services for distressed companies and their constituencies .

The bank also extends services in investment banking, securities, leasing, investment management and wealth management services and has continued to adapt to an evolving banking sector, by embracing new strategies, products, and services to satisfy and empower changing customer needs.

Their team of professionals has been recognised for its breadth of industry and geographical experience and its results-oriented approach–where they share in the upside related to asset preservation and/or liability reduction.

With the  mission of the bank this year, being to lend a hand to raise and improve the livelihood and businesses of rural Sri Lanka, steps were taken to build a team of  experts in this field that would bring in their invaluable experience to these ventures.  The appointment of new Acting CEO is a part of this initiative of MBSL.