Veteran banker takes over as new CEO at CIFL

Veteran banker and former CEO of Merchant Bank PLC (MBSL) Gamini Karunathilake has been appointed as the CEO of Central Investments & Finance PLC (CIFL) by the Board of CIFL, with the concurrence of the Central Bank of Sri Lanka, with effect from 15 January 2013.

He was warmly welcomed by the Board of Directors and staff of CIFL and assumed duties under the blessings of the Mahasanga.

Addressing the staff gathering, Karunathilake said that he hadn’t had any idea of working anywhere after his retirement but he accepted this proposal because it was a restructuring exercise and a challenging task.

Therefore, he urged the support of the total staff to create a healthy finance company, which would operate within the regulatory frame work of the country.

CIFL Chairman Lukshman Rupasinghe speaking at the staff gathering stated that they felt Karunathilake would be a real strength to the company at this juncture and members of the Board of CIFL had confidence that he would change the culture to suit to a vibrant finance company.

Karunathilake is a veteran banker who possesses vast knowledge and experience in both commercial banking and merchant banking. He started his banking carrier with the Bank of Ceylon and joined MBSL after serving in different capacities in the bank. Finally, he became the CEO of MBSL and there he was able to sustain the continual growth of the bank during his tenure.

Karunathilake also obtained experience and skills in managing distressed financial institutions during the crisis period of 2008 and 2009.He has led the management team of MBSL Bank under the guidance of then Chairman Janaka Ratnayake in restructuring companies such as The Finance Co., F&G Finance Co., Asian Finance, and Ceylinco Savings Bank.

He obtained his first B.Com. (Special) degree from the University of Sri Jayewardenepura and completed the Master of Business Administration (MBA) Degree at the Postgraduate Institute of Management. He is also a Fellow Member of the Institute of Bankers of Sri Lanka and Fellow Member of the Institute of Project Management of Sri Lanka.

Karunathilake has immensely contributed towards banking education in Sri Lanka. He served as a visiting lecturer on law and practice of banking for undergraduate programs of the University of Sri Jayewardenepura for a period of 15 years and for the banking and finance course for the MSE management program for more than five years.

He also served as a lecturer on practice of banking II and on law relating to banking and as a chief examiner on practice of banking I, Customer Relationship Management (CRM) and marketing management at the Institute of Bankers of Sri Lanka for a considerable period of time.

Karunathilake also served as a Board Member and Curriculum Development Committee Member of the Institute of Bankers of Sri Lanka. He also served as a Member of the Board of Merchant Credit of Sri Lanka (MCSL – a finance company), MBSL Insurance, MBSL Savings Bank, and Lanka Securities Ltd.