Intriguing changes at NDB bank- Director/CEO to quit

Uneasy developments are brewing at National Development Bank (NDB) with its Director/CEO Rajendra Theagarajah resigning after serving three years in the post while its chairman N.G. (Tanky) Wickremaratne has stepped down with effect from August 31, “before reaching the age of 70 years’.
Ananda Athukorala has been appointed as non executive director and chairman subject to approval by the Central Bank.
Mr. Theagarajah’s resignation is effective from November 30 to ‘pursue wider interests’, said an announcement by the bank to the Colombo Stock Exchange on Friday.
‘Pursuing wider interests’ is a standard euphemism used in corporate circles for various issues faced by individuals or companies. The NDB has been on a confrontational course with the Government in recent weeks over the appointment of a chairman to take over from Mr. Wickremaratne with names proposed from within the bank and outside being rejected by the Government which has a majority stake through state agencies.
Mr. Athukorala, a veteran banker with over 35 years’ experience, is also closely associated with the UNP administration.  (Feizal)