The Ceylinco Development Bank (CDB), part of the Ceylinco Group, on Friday said it was changing its name, brand identity and reconstituting the board of directors under new changes being planned.
The company was also relocating its head office which is currently at Ceylinco House.
Banking sector specialists said they believed the reason for the change was that the Ceylinco brand had lost a lot of public trust and faith after the collapse of Goden Key, the takeover of Seylan Bank and a crisis at other group companies.
A company statement however said the CDB was keeping pace with the changing times to adapt to the needs of its customers. “The re-branding strategy we’re adopting for the CDB will reflect a new era of change,” it said, adding that three independent directors will be appointed. R. Renganathan, a Fellow of the Institute of Chartered Accountants recently took over the reins of the CDB as Chairman.
General Manager/ CEO of the CDB Mahesh Nanayakkara said, “The CDB’s largest single shareholder is Ceylinco Insurance PLC which holds a 35% stake. We intend to further broadbase our shareholder structure through a proposed listing of CDB shares on the Colombo Stock Exchange (CSE) this year.” |
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