Former Sinhaputhra Finance Chairman MD appointed
Former Sinhaputhra Finance Chairman/MD appointed MD/CEO Abans Finance
|Mrs. Mano Alles, MD / CEO retires from Abans Finance|
Mrs. Mano Alles, Managing Director / CEO of Abans Finance PLC retired from the Company's services on 31st December, 2011 in compliance with Finance Companies (Corporate Governance) Direction issued by the Central Bank of Sri Lanka. At the invitation of Mrs. Aban Pestonjee - Chairperson of the Abans Group, she set up the Finance Company and functioned as its Managing Director / CEO for 6 years.
Mrs. Alles, former Senior Deputy General Manager of the Bank of Ceylon, served the Bank for over 36 years and held several Senior Managerial Positions. She was also responsible for the Bank's overseas Expansion, having set up branches in Chennai South India, in Karachi Pakistan, in Nepal and Representative Offices in Singapore and Russia. She served as the Bank's Representative in Singapore from 1981 -1984. She held Directorships in several listed Public and Private Sector Companies. Prior to becoming the Head of Abans Finance, she was the Managing Director of LB Finance PLC.
During Mrs. Alles's tenure at Abans Finance she contributed immensely towards the success and stability of the company. Abans Finance is a Central Bank Registered Finance Company that held Total Assets of Rs. 2,423.9 Mn and a Public Deposit Base of Rs. 1,514.8 Mn as at 30th November 2011.
The company was awarded a "Certificate of Compliance" by the Institute of Chartered Accountants of Sri Lanka at the Annual Report competition 2011.
Abans Finance operates with nine branches in Anurdhapura, Badulla, Dambulla, Galle, Gampaha, Kandy, Kurunegala, Ratnapura, and Chunnakam with its Head Office at No. 400, Galle Road, Colombo 3. The company's principal lines of business include Finance Leasing, and Hire Purchase of Motor Vehicles, provision of Mortgage Loans, Personal Loans and other related financial services.
Mr. S. Sothivadivel who was a Non-Executive Director of the company since inception, also retired from the services its the company with effect from 31st December 2011, in terms of the Central Bank (CBSL) guidelines. He provided valuable advice and guidance to the Board of Abans Finance during his office as a Director.
Ms. Aban Pestonjee, the Founder Chairperson of the company also retires in terms of the Corporate Governance Direction. Ms. Pestonjee as Head of Abans Group of Companies, provided leadership and guidance to the Board of Directors during her tenure towards company's success. Mr. Rusi Pestonjee, Alternate to the Chairperson is to be appointed Chairman of Abans Finance PLC.,
Abans Finance PLC is backed by the strength of Abans (Pvt) Ltd., one of the largest retailers of Consumer Electronics and Household products in Sri Lanka backed by the exclusive agency franchise of LG Electronics Inc., with Brand leadership in several product categories and its sizable distribution network of over 350 outlets. Abans (Pvt) Ltd., is rated A-(lka) with a stable outlook by Fitch Ratings Lanka Ltd.
Abans (Pvt) Ltd., holds an 84.3% stake in Abans Finance PLC. Ms. Aban Pestonjee and the family as the key institutional investors will continue to monitor the progress of Abans Finance PLC. Abans Group of Companies comprises 13 subsidiaries and over 14 related companies. During 2010/11, the consolidated turnover of the 13 subsidiaries and Associates was Rs. 17.5 Bn and the nett Earnings were in excess of Rs. 1 Bn. The Total Equity and the Total Assets as at end of 2010/11 stood at Rs. 5.3 Bn and Rs. 14.5 Bn, respectively.
The Board of Directors of Abans Finance PLC has appointed Kithsiri Wanigasekara as Managing Director / CEO with effect from 1st January 2012. Wanigasekara counts more than thirty years of experience in the Financial Services sector. He functioned as Chairman/Managing Director of Sinhaputhra Finance PLC during the period December 1990 to September 2007 prior to which he has held the post of Managing Director and Finance Director for a further period of four years. Sinhaputhra Finance (SFL) reached a household name as a stable and well managed Finance House in the Central Province under his leadership. At the time of his premature retirement in September 2007, SFL held Total Assets of Rs. 3,500 Mn approximately and a Public Deposit Base of Rs. 2,400 Mn with a nett Operating Profit in excess of Rs. 150 Mn per annum.
He was the Chairman of the Finance Houses Association of Sri Lanka in 1998, 1999 and 2000 during which period he served as a member of the Committee of the Ceylon Chamber of Commerce. He also served as the Chairman of the Kandy Hotels Company (1938) Ltd., the owning company of Hotel Suisse and Queen's Hotel in Kandy from 1994 to 2001. He was Provincial (Silver) Award and the National (Bronze) Award winner for Extra Large Category in the Sri Lankan Entrepreneur of the year 2005 contest organized by the Federation of Chambers of Commerce of Sri Lanka (FCCSL).
He was appointed to the Board of Abans Finance as Executive Director on 1st June 2009 in which capacity he has functioned upto 31st December 2011.
The Board of Directors of Abans Finance PLC comprises;Mr. Rusi Pestonjee (Chairman) Kithsiri Wanigasekara (Managing Director) Ms. Saroshi Dubash, Channa Pathirana, V.K. Choksy (Independent Non-Executive Director), T. Someswaran (Independent Non-Executive Director).
(The Sunday Times - 1st January 2012)
Last Update on: 2012-01-05 03:11:45