CDB revamps corporate identity

The Ceylinco Development Bank (CDB), is in the process of effecting major changes to its business and operating models to support and boost its next phase of growth and strategic direction subject to regulatory and other approvals.

Among the key changes will be a change of name, changes to brand identity, reconstituting its board of directors including the appointment of independent directors, and also the relocation of its head office which is currently at Ceylinco House.

A company spokesman said that with the prevailing macro environment necessitating change, the CDB too is keeping pace with the changing times to adapt to the needs of its customers. “The re-branding strategy we’re adopting for the CDB will reflect a new era of change while keeping the promise of being a true friend and providing customers with mobility and efficient service,” he said.

The CDB will also reconstitute its board of directors, including the appointment of three independent directors. R. Renganathan, a Fellow of the Institute of Chartered Accountants recently took over the reins of the CDB as Chairman.

Speaking on the proposed changes, General Manager / CEO of the CDB Mahesh Nanayakkara said, “A public company with 1600 shareholders, the CDB is not a subsidiary of any single entity or a group of companies. We want to strongly communicate this to the general public.

The CDB’s largest single shareholder is Ceylinco Insurance PLC, which holds a 35% stake. We intend to further broad-base our shareholder structure through a proposed listing of CDB shares on the Colombo Stock Exchange (CSE) this year.”