Lakshman Silva to takeover reins of DFCC Vardhana Bank

Lakshman Silva who was the Chief Operating Officer DFCC Vardhana Bank assumed duties as the CEO from January 1, 2010 while L.G. Perera who served as the Managing Director/CEO of DFCC Vardhana Bank almost from its inception retired from service at the end of December 2009.

Lakshman Silva - Chief Operating Officer DFCC Vardhana Bank

L.G. Perera who is affectionately known in the banking and business circles as Elgee, had completed 40 years of banking service at the time of retiring from DFCC Vardhana Bank. Elgee started his banking career at the tender age of 19 years at the Central Bank of Sri Lanka whilst he was still a university undergraduate following an honors degree in Economics. On completion of his first degree he continued at the Central Bank for some time and moved out to join the DFCC Bank in 1977. Whilst working at DFCC, Elgee completed his post graduate studies in accounting, statistics and business management. He climbed the ladder at DFCC to progressively become its Deputy General Manager -Operations in 1997 and finally headed its lending division as Executive Vice President before taking up the position as the Managing Director/ CEO of DFCC’s commercial banking arm, DFCC Vardhana Bank in 2004.
The responsibility of transforming the then ailing Mercantile Bank was entrusted to Elgee by the Board of Directors of DFCC Bank. With the strong support of the parent bank by way of financial and management resources, MERC Bank was totally restructured, recapitalised and re-branded (as DFCC Vardhana Bank) on the basis of a carefully drawn up strategic plan under the leadership of L.G. Perera. Within a few years Elgee and his team succeeded in transforming the troubled bank into a vibrant and fast growing commercial bank in the country surpassing all targets that were set at the outset.
The branch network which was limited to 3 at the time of acquisition has now increased to 74 while the staff strength has increased from 53 to 450 during this period. Rapid and phenomenal growth was achieved in all performance indicators such as loans and advances, deposit base, net interest income and profitability whilst vast improvements in human resource capabilities, technology platform and asset and liability product range too were recorded to unprecedented levels within the last six-year period. Elgee was also instrumental in DFCC Vardhana Bank entering into a historic agreement with Sri Lanka Post to set up Vardhana banking outlets in underutilised post offices in rural areas to bring in a more cost effective and easily accessible banking channels to the rural public for the benefit of the bank’s customers, the Postal Department and the general public. The bank for the last five consecutive year’s has continued to secure a AA- rating from Fitch Rating whilst the network of corresponding banks around the globe was strengthened based on this very attractive and stable rating. Today DFCC Vardhana Bank ranks among the best performing banks in the country and Perera stated, “Leaving the bank after successfully accomplishing the task entrusted to me in such a challenging environment seems like the best possible time to go. The results we achieved prove that no task is impossible if you have the will and the commitment to succeed. Lakshman Silva is extremely capable of taking over the reigns and I am very confident that he will take DFCC Vardhana Bank from strength to strength,” he added. He also stated that his previous experience in working as a consultant financial expert in China and Papua New Guinea too helped in reengineering the bank to the current level.
Asked about his plans for the future Perera mentioned that he is looking forward to taking up other similar challenging opportunities to share his wide experience in the financial sector.
DFCC Vardhana Bank has 74 branches and extension offices including Ambalangoda, Ambalantota, Anuradhapura, Awissawella, Badulla, Bandarawela, Beliatta, Borella, Chillaw, Colombo, Dambulla, Deniyaya, Galle, Gampaha, Gangodawila, Gampola, Hambantota, Horana, Kaduruwela, Kalawana, Kotahena, Kottawa, Kuliyapitiya, Kurunegala, Kalutara, Kiribathgoda, Katugasthota, Kadawatha, Kandy, Matale, Maharagama, Malabe, Matara, Nawala, Negombo, Nugegoda, Nuwara Eliya, Panadura, Piliyandala, Peradeniya, Ratnapura, Tangalle, Wattala and Wellawatte. DVB branches at Sri Lanka Post Offices include: Dickwella, Hakmana, Kottegoda, Matara and Weligama. The bank’s customers at all branches have access to a full range of commercial and personal banking services, including Current Accounts, Savings Accounts, Fixed Deposits, Foreign Currency Accounts and trade related finances.