Ishara Nanayakkara resigns from Seylan Bank Board

Ishara Nanayakkara

September 5, 2018 (LBO) – Controlling shareholder of listed Sri Lankan financial giant LOLC, Ishara Nanayakkara has resigned from the Board of Directors of Seylan Bank.

Reasons given for the resignation, coming 3 months before his tenure was to expire, were increased business commitments and responsibilities.

Nanayakkara is a material shareholder of the bank through LOLC Investments which owns 9.55%, and Brown and Company which owns 13.87% of the voting shares.  Total combined voting power of both entities is 23.42%. He also has a 45% interest in the non-voting shares through companies he controls.

The government through various entities control approximately 34% of the voting shares of the bank.  If the NDB owned shares are counted as government, then the government controls 43% of the voting power.

In terms of equity, Seylan is the 5th largest private sector local bank with net equity of approximately Rs37bn at group level and customer deposits of Rs320bn (US$2bn).