Union Bank welcomes Alex Lovell as new Chairman

Union Bank of Colombo PLC (UBC) announced the appointment of Alexis Indrajit Lovell as the new Chairman and Asoka de Silva as the new Deputy Chairman of UBC with effect from 1 May 2012 consequent to former Chairman Ajita de Zoysa relinquishing his services after serving a period of nine years keeping in line with the requirements of the Corporate Governance Direction of the Central Bank of Sri Lanka.

Under the stewardship of the former Chairman de Zoysa, UBC’s transformation from a small player in 2003 to a prominent dynamic player within the industry by 2012 has been remarkable, the  Bank said in a statement paying tribute to De Zoysa.

From 2003 to 2012, UBCs  total asset base grew from a mere Rs. 3.6 billion to Rs. 26 billion. Net assets which recorded a negative figure of Rs. 173 million in 2003 have been converted to a positive of Rs. 5.2 billion. From a loss-making status in 2003 April, UBC has continuously recorded growth in profitability and posted a net profit of Rs. 308 million in the financial year 2011.

UBC has a BBB/P3  rating with long term outlook stated as stable by RAM Ratings (Lanka) Ltd. and was also selected to the leading corporate brands  in Sri Lanka  by Brand Finance Sri Lanka.  The Bank’s IPO in 2011 created a milestone in the banking industry with the highest over subscription further highlighting public confidence as one of Sri Lanka’s fastest growing banks.

With a committed and a dedicated team across the organisation, UBC is poised to accelerate its progress during the years ahead and it is with much confidence that UBC welcomes Lovell, the new Chairman of Union Bank who will continue to render a yeoman service in taking UBC to even greater heights.

Lovell was appointed to the Board in 2007 as a Non-Executive Director and was subsequently appointed as the Deputy Chairman in December 2010. He counts over 30 years of experience in finance and investment banking. This exposure has enabled him to effectively contribute in a substantial manner in the positions he has held.

Lovell is a Chartered Management Accountant (UK), and holds a post graduate degree in Business Administration. He was awarded the MBE (Most Distinguished Order of the British Empire) by the Queen of England for services to investment banking.

With his exposure in diverse spheres including finance and investment banking Lovell will further strengthen and add immense value to the UBC Board which already boasts of an impressive combination of diverse talent and experience of both local and international shareholders.

Asoka de Silva, the new Deputy Chairman, was appointed to the Board as an Independent Non- Executive Director in 2008. He served as the Deputy Chairman of the board from December 2008 until December 2010 and was appointed as a Senior Director in January 2009.

He has worked in the banking industry for over 35 years and is the former Chief Executive Officer and General Manager of People’s Bank, Sri Lanka. He holds a B.A. Hons (Ceylon) and is a Fellow of the Certified Institute of Professional Management (FCPM), Sri Lanka. De Silva, an alumnus of the Harvard Business School (AMP 163), is also an Honorary Fellow of the Institute of Bankers, Sri Lanka.

Union Bank is one of Sri Lanka’s fastest growing banks focusing on the small and medium enterprises and retail sectors with diversified business interests including unit trusts with the acquisition of National Asset Management Limited and The Finance and Guarantee Company Limited.