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Published on Tuesday, 11 November 2014 17:00

UnionBankLogo 410px 14 11 11Veteran banker PJ Nayak is to be appointed as the new chairman of the Union Bank in Colombo.

Seventeen months after he stepped down as the country head of American bank Morgan Stanley, Nayak has joined as advisor to American private equity fund TPG Capital to help grow the bank in Sri Lanka.

Meanwhile, it is said that present Union Bank Chairman - Alex Indrajit Lovell, who is said to be the main force behind TPG Capital's US$113 million investment to Union Bank, is to bid adieu to his post.

However, he is to continue as a Director Board member, reports say.

Also, Indrajith Wickramasinghe will take over as Chief Executive Officer from Nov. 15. He fills the vacancy created by the retirement of Anil Amarasuriya as Director/ Chief Executive Officer.

Last Updated on Wednesday, 12 November 2014 12:16

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