Ajita steps down as GM/CEO at Seylan

To continue as Consultant till end of 2011

Top banker Ajita Pasqual has stepped down as the General Manager and CEO of Seylan Bank but will continue to function as Consultant until end of this year.

Pasqual joined Seylan Bank in 2003 as the Additional Manager after serving global giant HSBC local operations for 22 years. He was appointed Director/General Manager/CEO in 2004.

He holds a Bachelor of Science Degree in Business Administration which he finished at Manchester College, North Manchester, Indiana, USA.

Industry sources said that his decision to step down was linked to a Central Bank directive to the effect that persons who served as Directors in troubled financial institutions should leave such institutions. They opined that the rule shouldn’t have been applied on Pasqual whilst others attributed his move to personal reasons.

Seylan ran into difficulties as a direct result of the collapse of Golden Key Credit Card Company but commendably recovered and has been posting impressive results in 2010.

In the first nine months of 2010 Seylan’s profit after tax amounted to Rs. 845 million, up by 68% over the corresponding period of last year.  Pre-tax profit improved by 89.5% to Rs. 1.4 billion. Group pre-tax profit was up 103% to Rs. 1.3 billion and after tax profit up by 149% to Rs. 774.5 million. Net profit attributable to equity holders in the first nine months improved by 40% to Rs. 820 million.

Operating under Central Bank-appointed new management and with the implementation of the new strategic plan, Seylan Bank launched an aggressive recovery drive to reduce non-performing loans while concentrating on profitable areas and prudently managing expenditure.