Changing Heads

April 23, 2007 (LBO) – Lanka Orix Leasing Company, a listed leasing company, had hired Citibanker Kapila Jayawardena as Group Chief Executive Officer, the company told the Colombo Stock Exchange Monday.

He would also be Managing Director/CEO of Lanka Orix Leasing Company.

“Well I have been working mainly in the corporate banking arena. This gives me an opportunity to familiarize myself with the other side of banking,” Jayawardena told LBO.

“If you look at LOLC it has leasing, stock brokering, factoring, a finance company.It has potential to be made into a financial powerhouse.”

Jayawardena was the head of the Sri Lanka branch of Citibank. Under him the bank became a key financier of the government raising debt in foreign markets.

In the past few years, the bank also became one of the fastest growing foreign banks in the country, with low bad debts.

The firm said it would notify the date of the commencement of his duties later.
Jayawardene says he will stay with Citibank until a successor is appointed.

LOLC is Sri Lanka’s pioneer specialist leasing firm set up in 1980 with Orix Corporation of Japan, local development banks and private sector equity following a recom