State bank GM posts under threat

The posts of General Manager at the State banks are speculated to be changing, as the new Government is keen to re-energise key agencies as part of kick-starting the economy and supporting the private sector, especially the small and medium enterprises. 

A decision to this effect had been made at this week’s Cabinet meeting. State banks come under the purview of Prime Minister and Minister of Finance Mahinda Rajapaksa. 

Daily FT learns that the top rungs in the Government are not happy with the status quo and the solution appears to be to replace the general managers with those with greater vigour, though it is unclear how the trade unions would react. 

Speculation was rife that changes would be made at the largest commercial banks – Bank of Ceylon and the People’s Bank – despite the incumbents being career bankers.  At present, the General Manager at Bank of Ceylon is Senarath Bandara, appointed in February 2018, and Rasitha Gunawardana at the People’s Bank, appointed in April 2019.

Earlier this week, savings giant National Savings Bank announced the appointment of Damitha Kumari Rathnayake as its Acting General Manager/CEO, replacing S.D.N. Perera who has been with the bank for three decades. Rathnayake is a well-known personality in the financial sector, with experience spanning well over a decade as the Director of the Treasury Operations Department in the Ministry of Finance.

BOC’s General Manager Bandara joined the bank in January 1990 as a management trainee and subsequently was appointed to the corporate management in March 2012. He has served in the executive management since January 2008, holding the position of Assistant General Manager in diverse business fields, viz. Overseas Branch Operations, International Banking, Corporate Relations and as the Chief Executive Officer of Bank of Ceylon (UK) Ltd.

People's Bank General Manager Gunawardana started his banking career with the bank in 1987, and gained extensive experience in Finance, Performance Management, Corporate Credit, Commercial Credit, Treasury Operations, Credit Control and Risk Management.