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Biggest shareholder finally gets NDB Board seat
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| Dr.
Sena Yaddehige |
The
single largest shareholder in the NDB Bank and Chairman of diversified
blue chip Richard Pieirs and Company Dr. Sena Yaddehige has been
finally appointed to the Board of the fastest growing and fifth
largest bank in the country.
Dr. Yaddehige’s appointment as a director was made by the Government
as one of its nominees while the other new appointee is former Central
Bank Deputy Governor Manik Nagahawatta.
The latter is expected to take over as NDB Chairman following the
resignation of longstanding chief S.K. Wickramasinghe, with effect
from January 1, 2008.
Richard Pieirs and Company owns 10% stake in NDB Bank while Dr.
Yaddehige owns a further 5% under his personal name.
The largest shareholder had requested for a seat on NDB Board following
the combined investment of over Rs. 2.4 billion made about a year
ago.
Market and company analysts welcomed the long due appointment of
NDB’s biggest shareholder to its Board saying his expertise
and insights would considerably help the Bank.
Contd.on page 6
Dr.
Yaddehige is a Sri Lankan born, British industrialist. He is the
Managing Director of Precision Varionics International Ltd which
is a UK hi-tech manufacturing group with business interests in automotive
components and systems. The PVI Group also exports precision injection
mouldings for automotive and industrial markets.
NDB Bank is the fifth largest private sector commercial bank in
the country, with a strong capital base and profitability, a fast
growing loan and deposit book, and a diverse and rapidly expanding
distribution channels.
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