Narangoda resigns from Seylan Bank

Veteran banker Eastman Narangoda yesterday stepped down as Chairman of Seylan Bank after a record-making three year tenure at its helm. Making the announcement at the bank's AGM yesterday, Narangoda cited 'personal reasons' for his decision.

Appointed as Chairman of Seylan Bank PLC on December 30, 2008, Narangoda was a key figure who instrumented Seylan Bank's turnaround, paving the way for it to emerge as a stable and competitive force post a turbulent period.

His leadership, together with his fellow directors, brought Seylan Bank back to its status as a formidable institution in Sri Lanka's banking sector.

This also set an example as possibly one of the few institutions to survive and emerge stronger after a crisis situation during the world economic set back in 2008.

Last month Seylan Bank went on to report its best ever Q4 results, reflecting a growth of 82% over last year to report a post-tax-profit of Rs. 699.73 million (2010 - Rs. 383.91 million) for the quarter. Profit-after-tax for the entire year surpassed Rs. 1 billion.

This was even after the extraordinary cost of Rs. 698.7 million incurred for a voluntary retirement scheme.

A banker by profession, Narangoda counts over 35 years of banking experience.