Union Bank appoints new Director

Union Bank of Colombo PLC (UBC) announced the appointment of Imtiaz Muhseen as an Independent Non Executive Director to the Bank’s Board of Directors with effect from 19 February 2013.

Muhseen counts for over 25 years experience in business and financial management both locally and internationally. He was previously employed at Ceylon Tobacco Company and British American Tobacco UK. He is synonymous for his capabilities and experience in leading cross functional teams across diverse nationalities and cultures in driving global programs of restructuring and the standardisation of business functions.

His key international achievements in the above areas include spearheading the implementation of SAP across 25 international markets during his tenure at British American Tobacco UK (BAT).  

As the Head of Planning and Reporting for Western Europe at BAT, he was also responsible in setting up the organisation’s operations in the Netherlands and in establishing global processes and standards across the company. He has a wealth of experience in driving change management across finance functions and was a member of the British American Tobacco UK’s Group Finance Standards Council representing Western Europe.

Welcoming Muhseen to the UBC Board, Chairman of Union Bank Alex Lovell stated: “Muhseen brings with him valuable skills and diverse experiences, along with a leadership track record in finance and change management, all of which will help further enhance our Board’s capacity to guide the bank’s future growth and development.” Appointment of independent directors is an integral part of the bank’s good governance practices, thus ensuring further commitment to the protection of shareholder interest. In this perspective, the new appointment will contribute to the increase of the bank’s count of independent directors.

The Board of Union Bank consists of a blend of high profile local and international Directors from diverse fields, among whom are some of the world’s best known investors.  The Bank’s Independent Directors are B. Asoka Keerthi de Silva (Deputy Chairman), Dr. L.J.S. Harsha Cabral PC, Priyantha Damian Joseph Fernando, Sunil Karunanayake, Sabry Ghouse, Suren Madanayake and Imtiaz Muhseen.  

Non Independent Directors are Alexis Indrajit Lovell MBE (Chairman), Prince Faisal Al Abdulla Al-Faisal Al-Saud, Kin Leong Chong and Gerard Ewe Keng Lim. Anil Amarasuriya functions as Chief Executive Officer/Executive Director.

Union Bank is one of Sri Lanka’s fastest growing banks focusing on Small and Medium Enterprises and retail sectors with a rapidly expanding branch network. The bank also has diversified business interests with the acquisition of National Asset Management Limited (NAMAL) and UB Finance.