Ajita retires, Alex is new Chairman of Union Bank

Shareholder Director Alex Lovell has been appointed as the Chairman of Union Bank following the retirement of senior business leader Ajita de Zoysa.

Ajita’s exit is in conformity with corporate governance direction issued by the Central Bank to all commercial banks. Lovell was previously the Deputy Chairman.

Lovell is the fourth largest shareholder at UBC with nearly 7% behind Vista Knowledge (18.5%), Sampath Bank (7.5%) and Associated Electrical Corp (7.5%). Lovell has been in the market since late collecting select quantities from individual shareholders.

Senior banker and ex-People’s Bank CEO Asoka de Silva currently on Union Bank Board as senior director has been appointed as Deputy Chairman.

Union Bank also announced the retirement of Ananda Atukorala and Ajith Wijeyesekera with effect from 7 May in line with the corporate governance direction issued by the Central Bank.