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By Chandani Jayatilleke

Mangala Boyagoda is deemed as the 'whiz kid' in Sri Lanka's financial services industry as he pioneered seven financial instruments in the market. These include a debt instrument which is a commercial paper and six hedging instruments ranging from the First Interest Rate Forward Rate Agreement, the First Interest Rate SWAP Agreement, the First Commercial Paper linked to the ASPI, Internet Rate Forward Agreement, Interest Rte Cap Agreement and the Interest Rate Collar Agreement.

Today as the Head of Global Markets of the Standard Chartered Bank, Colombo Boyagoda is responsible for developing SCB Bangladesh and Pakistan to help develop their debt markets while using Sri Lanka's examples.

However, Boyagoda will be out of the Standard Chartered for three months from January 20 to take up a special assignment at the Central Bank.

In today's Meeting Point we feature some of the career and professional highlights of Boyagoda, the man who is widely known as a 'practical banker' in banking circles.

Career

Boyagoda started his professional career in 1970 with a posting at Sri Lanka's premier state bank, Bank of Ceylon. Since then he has worked in a wide range of banks here and abroad. "I have so far worked in state banks, commercial banks, development banks and foreign banks except 'the blood bank'," he said with a smile.

"It was while I was studying for my Advanced Level examination at St. Anthony's College, Katugastota in Kandy, I just couldn't wait to finish my A/Levels but was tempted to take up the bank's offer. So I decided to come to Colombo," he told the Meeting Point as we met him at the Hilton Colombo last week.

From then onwards there was no looking back for him. With a career spanning 32 years, Boyagoda is still diligent, efficient and innovative. He is in thirst for avenues to share his wealth of experiences with the new-comers in the banking industry.

BoC

As a banker, Boyagoda's first appointment was with the BoC's Pettah branch which he still refers to as 'my bank'. "It was a very humble beginning. I learned all aspects of banking from general banking to clearing procedures and imports," he said.

However, the turning point of his professional career began only after the liberalisation of the economy in 1977.

"Following the introduction of the open economy, the bank systems got more flexibility and the BoC opened a foreign exchange dealing room. And Boyagoda was appointed as the chief dealer of the BoC. "It was a very interesting experience and I got a sound knowledge on debt markets and how primary markets operate during this time."

After a while I got the opportunity to serve at the Treasury Department in-charge at the London branch of the BoC. This international exposure not only took me to greater heights in my career, but also gave me the base for a solid future, he said.

Financial instruments

Back in Sri Lanka, Boyagoda became a 'sought after' banker and he was employed by the JKH Financial Services. "I pioneered to set up the Waldock Mckenzie, as a part of JKH where I worked as its Treasury Manager from 1992 to 1995. While I was there, we introduced Sri Lanka's first commercial paper and the first papers were issued for two conglomerates JKH and Aitken. The BoC took the initiative as the banking partner in this deal.

It was a revolution of the banking industry in the country. Through commercial papers banks benefited immensely to cut down costs and to remove assets and liabilities from banks' financial books.

Thereafter, the banks started to lend on the floating rates. Commercial papers were also linked to TBs and the ASPI of the Colombo stock market. We also launched the first FRA (Forward Rate Agreement) - the first for the Singer company. In 1995, when the Union Bank was launched, Boyagoda joined the new bank as its Head Treasury and worked there for two-and-a-half years. "We got the primary dealership for the bank and also opened the first outstation Discount House in Kandy."

Lucrative offers from banks came spontaneously for Boyagoda. The next offer was from the DFCC Bank as the Head of Treasury. "In this position, I had to manage the assets and liabilities of the bank.

During this tenure, the bank issued a US$ 65 m FRN for the development of the debt market with the support of the ADB".

He was also offered a consultancy assignment with the ADB to develop the government debt market. It was in December 1999, he took up the position as the Treasury Head of the Standard Chartered Bank. Over the last few years, he has furthered his career to become the Head of the Global Markets of the same bank.

With the merger of Grindlays Bank, Boyagoda had to perform a responsible duty to support the smooth amalgamation of the two banks over one-and-a-half years. "It is a challenge to run the smooth integration of the second largest Treasury in a bank in Sri Lanka. But, it's my forte and I like to take the responsibility".

Innovation

"We need to be innovative at all times. Today traditional banking no longer exists. We need to think different and add value to the banking sector. We also need practical people run our institutions. Theory alone doesn't work in this commercial world". "I want to share my experiences with persons and organisations. If I can pass a bit of my knowledge it will be truly satisfying", he said.

Advice to young people

There's a great deal of talent in our young generation. We have to train and manage them properly to enhance their professional skills. But, I would like to tell the youngsters to learn to be innovative, think out of the box and also learn to manage risks. You can't eliminate risks, you have to manage them". They should also learn to respect values. For that reason our bank has listed certain values such as courage, response, creativity and trustworthiness.

Vision

My vision is to see a Sri Lanka with people who think Sri Lanka first. We have to project this concept for schoolchildren to make a better Sri Lanka - a better country for our younger generation. Without that vision we can't take this forward. We need to push this country to gain better economic growth. We need to provide equal facilities, benefits and opportunities to everybody.

Social service

In an effort to share his professional experience, Boyagoda has got involved in teaching at the banking institution and several other educational institutions.

"I also serve at the Veerasebala Foundation, a foundation to support the children of war heroes. "Through this foundation we have helped many children".

As the president of the Lions Club Kotte, he also supports the needy through various projects. "Recently we distributed umbrellas with a peace message among 2000 children in Jaffna. This was to promote peace among the children in Jaffna", he said.

Boyagoda's is a banking family; his wife and daughter are also professional bankers. His only son is still schooling.

Unassuming Boyagoda is very grateful to his former bosses for their support to achieve this success in his professional career.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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