Rajeeva joins Orient Financial Services as CEO

Tuesday, 22 May 2012 00:58 - - {{hitsCtrl.values.hits}}

Top professional and ex-CSE official Rajeeva Bandaranaike has joined Orient Financial Services Corporation Ltd. as its Chief Executive Officer.

OFSCL, licensed under the Finance Leasing Act No. 56 of 2000, is primarily engaged in leasing, hire purchase and debt factoring and it is also due for listing via introduction shortly.

Bandaranaike was previously CEO of People’s Merchant Plc from 1 July 2011 to 1 May 2011. Prior to that, he was the Assistant General Manager (Clearing and Settlement) of the Colombo Stock Exchange. During his career at CSE from July 1992 to 2011, Bandaranaike held positions such as Assistant Manager (Clearing and Settlement), Manager Trading, Senior Manager (Marketing and Human Resources) and Assistant General Manager (Business Development). Prior to joining CSE, he had worked at LB Finance and Mercantile Credit Ltd. Holding a Masters in Business Administration (General), from the University of Southern Queensland, Australia Bandaranaike is also a Bachelor of Laws (LLB), Open University of Sri Lanka, and holds a Postgraduate Diploma in Marketing, CIM UK, Professional Stock Broker Examination, Securities Institute of Australia, Diploma in Credit Manage ment, Sri Lanka Institute of Credit Management and Postgraduate Level Certificate Course in Strategic Marketing, Postgraduate Institute of Management, University of Sri Jayawardenapura.

OFSCL during the first nine months ended on 31 December 2011 posted its best performance since inception, achieving Rs. 82.8 million profit after tax up from Rs. 40.7 million a year earlier. Return on equity stood at 24.18% on par with the industry average and return on total assets also recorded 6.2% as against the 2.71% in the previous year. Earnings per share for the year were Rs.3.45, which is a 102.9% increase over the previous year. The Board of Directors of Orient Financial Services Corporation Ltd. comprises Dr. Dayanath Jayasuriya PC (Chairman), Prakash Schaffter, Ramesh Schaffter, Travis Waas, Ananda Atukorala, Lakshmi Gunetilleke, Anil Tittawela PC and Sarath Wickramanayake.