New CEO of MBSL, Nishaman Karunapala, takes over duties

Top professional Nishaman Karunapala has been appointed the new Chief Executive Officer of Merchant Bank of Sri Lanka & Finance PLC (MBSL) with effect from 17 July, having taken over his duties as CEO designate on 4 July. He succeeded T. Mutugala who has ceased the service of contract as the CEO of MBSL.

Having commenced his career at A. Baur & Co. Ltd., Karunapala is a veteran in the financial services sector with over 25 years of experience in the industry with senior management exposure and directorships under his belt, and is backed by an impressive academic record. His core expertise is in finance leasing, trade and project finance, factoring, credit, recoveries, business development, corporate strategy, systems and process development and risk management.

In addition to his active involvement in the industry, he supports the financial services industry as a Council Member of the Financial Houses Association (FHA) and as a director of the Leasing Association of Sri Lanka (LASL). He has previously served two terms as the Chairman of the LASL. He was also a committee member of Ceylon Chamber of Commerce, and a former Director of the Credit Information Bureau of Sri Lanka (CRIB).

An avid learner, Karunapala has studied the systems and operational procedures of reputed financial institutions in Ireland, UK, Singapore, India and Philippines and has represented international training programs in Ireland, UK, Japan and Philippines. At an academic level, Karunapala has obtained an MBA, (Banking & Finance), from Postgraduate Institute of Management (PIM), BSc – Business Administration (Special) Degree from the University of Sri Jayewardenepura and a Postgraduate Level Diploma in Modern Commercial Banking from PIM. He is also a member of the Certified Management Accountants of Australia. 

Starting his career at the MBSL, Karunapala gained further exposure subsequently at Seylan Merchant Bank and Mercantile Leasing Ltd. Having played a lead role in founding Orient Finance PLC, he served the company for nine years in the capacities of Assistant General Manager (Operations) and Deputy General Manager, since its inception in 2003.

Expanding his leadership role in the financial services industry, Karunapala was a founding Director/Chief Executive Officer of Melsta Regal Finance Ltd., a subsidiary of Melstacorp PLC, for over five years since its inception in 2012. As the lead and founding member of the management at Melsta Regal, Karunapala was involved in strategising and positioning the entity as a revolutionary player in the industry with novel product offerings.