Union Bank appoints distinguished Indian banker Jayendra Nayak as new Chairman

•  TPG gets 5 nominees on the Board following $ 117 m investment; CEO Indrajit Wickramasinghe and F.J. & G. de Saram’s Ayomi Aluwihare-Gunawardene appointed as Directors

The Board of Directors of Union Bank yesterday announced the appointment of P. Jayendra Nayak, one of Asia’s most distinguished bankers and former AXIS Bank India Chief as the bank’s new Chairman with effect from 19 November 2014. The appointment comes at a significant time with the bank’s transition to the new owners TPG, the US based leading global investment firm who acquired 70% equity in Union Bank. TPG’s recent investment in Union Bank marked a milestone in the financial services industry as one of the largest foreign direct investments to Sri Lanka. The investment comprises a combination of primary equity, secondary shares and warrants, and upon exercise of the warrants, could be up to approximately $ 117 million. The TPG investment is yet another initiative that substantiates former Chairman, Alex Lovell’s forte in attracting global investors for top strategic partnerships. Fulfilling a mandate to identify a suitable investor for Union Bank’s progress, the TPG investment has now delivered Lovell’s vision to take Union Bank to the forefront in the banking industry in Sri Lanka. With the new appointment, Alex Lovell will continue to remain as a Board member and contribute to the Bank’s progress in the capacity of Deputy Chairman. Alex Lovell, Deputy Chairman of Union Bank stated that he was “delighted to welcome Dr. Nayak to Union Bank as the bank moves to its next phase of growth. We are happy to have the experience and knowledge of someone of the stature of Dr. Nayak to leverage the full potential offered by this investment opportunity. He further stated that, “With the bank moving strides in the banking industry and now placed within the top five banks in market capitalisation, the appointment of a highly experienced banker such as Dr. Nayak to the helm is timely and key for the bank’s transition to take it to the next level of aspirations.” P. Jayendra Nayak brings with him rich and varied experience with more than 25 years in the financial sector in India, straddling policy, regulation and managing institutions, across banking and capital markets. He was the former Chairman and CEO of Axis Bank India for over nine years and is synonymous for the bank’s unprecedented levels of success to become the fourth largest Bank in India in market capitalisation. He was also the Country Head for Morgan Stanley and the Executive Trustee of Unit Trust of India. In his early career as a civil servant, Nayak served in the Finance Ministry of the Government of India. He also chaired the Committee on Governance of Bank Boards, constituted by the Reserve Bank of India. He holds an MA & PhD in Economics from Cambridge University, UK. As the transition to the new owners unfolds, the bank also announced the appointment of five new directors including Nayak representing TPG to the Board. Gaurav Trehan is the Managing Director of TPG Capital India. He serves on the Boards of Shriram Properties, Shriram Automall India, Shriram General Insurance and Shriram Life Insurance. He holds a Bachelor of Science in Mathematics & Applied Science, and Economics from the University of California, Los Angeles. Ranvir Dewan is the Head of Financial Institutions Group Operations, of TPG Capital, Singapore. He holds a Bachelor of Commerce (Honours) degree from the Shriram College of Commerce, Delhi University, India. He serves on the Boards of Shriram City Union Finance Limited and Bank BTPN in Jakarta, Indonesia. Puneet Bhatia is the Managing Director and Country Head for TPG Capital India. Prior to joining TPG in April 2002, he was Chief Executive of Private Equity Group for GE Capital India. Formerly he was also attached to ICICI Ltd. He holds a B. Com Honours degree from the Sriram College of Commerce, Delhi and an MBA from the Indian Institute of Management, Calcutta. Michael O’Hanlon is a Senior Advisor to TPG focusing on TOP’s asset purchases and TPG Capital financial institution investments. He is on the board of Roosevelt Management Corporation, LLC. Formerly he was the Managing Director at Lehman Brothers where he worked for 25 years. He led the teams for TPG’s investments in Korea First Bank and Lehman Brothers investment in Aozora Bank. The Board also welcomed on board the Bank’s newly appointed CEO, Indrajit Wickramasinghe and Ayomi Aluwihare-Gunawardene as Directors. Indrajit Wickramasinghe has over 25 years of management experience, having worked in both the financial and consumer sectors in both local and multinational companies. Formerly with NDB Bank for over 14 years, since June 2010 he was the Chief Operating Officer of NDB. He holds a Masters Degree in Business Administration from the University of Sri Jayewardenepura and is a Fellow of the Chartered Institute of Marketing, UK. He is a member of the Association of Professional Bankers. He has been through extensive Executive Education programs at INSEAD (France), the SAID Business School, University of Oxford (UK) and the National University of Singapore. Ayomi Aluwihare-Gunawardene is a partner of F.J. & G. de Saram. She has over 20 years of experience in advising on a number of aspects of corporate/commercial law. Within her expertise banking and finance remains a key focus area. Subsequent to the new appointments the Union Bank Board constitutes of the following directors: Dr. P. Jayendra Nayak (Chairman), Alex Lovell (Deputy Chairman), Gaurav Trehan, Ranvir Dewan, Puneet Bhatia, Michael J O’Hanlon, Asoka de Silva, Priyantha Fernando, Sabry Ghouse, Imtiaz Muhseen, Indrajit Wickramasinghe (CEO) and Ayomi Aluwihare-Gunawardene.