Rajendra to step down as CEO/MD from HNB

Veteran banker Rajendra Theagarajah yesterday announced his retirement from the post of Managing Director and CEO of HNB, the country’s second largest private sector player.

His retirement is from 30 June 2013 and he will be stepping down from the Board of HNB as well.

Theagarajah counts 15 years of service at HNB including nine years as CEO.

He will be succeeded by Jonathan Alles, currently serving as the Deputy CEO. Alles will also be appointed to the HNB Board from 1 July subject to the approval of the Central Bank.

Alles takes over as CEO of HNB having well over 25 years of banking experience, most of it being with the HSBC Group locally and overseas. He has had a previous stint with HNB from 2002 to 2005 before taking over the role of COO at HNB in 2010 followed by Deputy CEO.

Industry sources said Theagarajah will be reaching 55 the normal age of retirement in June.

He joined the HNB as an Assistant General Manager following the takeover of the Colombo Branch of Banque Indosuez. Prior to elevation as the CEO, Theagarajah led HNB’s City Office, the International Division and the Corporate Finance Division for 8 years. He eventually was made the CEO in December 2004.

In an internal memo to the HNB team, copy of which was obtained by the Daily FT, Theagarajah had said the bank has given him the rare opportunity of seeing Sri Lanka in a manner which he would never have otherwise.

“The experience, challenges and joy of expanding the reach of the bank across Sri Lanka and engaging communities to make a difference by improving access to finance is something which I will cherish forever,” the outgoing CEO/MD has said.

According to him, the success and recognition of HNB as one of Sri Lanka’s strongest and systemically important commercial banks would not have happened without the commitment and engagement of each one of the staff. In that context he had said it was this great team that has supported the leadership team to showcase HNB to customers, suppliers, shareholders and other stakeholders.

“I thank each and every one of you for your solidarity,” said Theagarajah in the memo.

 “I leave with tremendous respect for Hatton National Bank and my fellow team members,” he had added.

Theagarajah has assured the staff that he will ensure an orderly hand over of responsibilities to incoming CEO Jonathan Alles and called upon the Hatna family to extend fullest support and co-operation to Jonathan and the Corporate Management of HNB in leading HNB to greater heights in the years to come.