TFC appoints new directors, COO
In a bid to restruc- ture the company, The Finance Company PLC (TFC) has made two new appointments to its Board of Directors and also appointed a new Chief Operating Officer (COO).
The two new Directors are Aruna Lekamge, who is a specialist in risk management and former Executive Director at Sri Lanka Insurance Corporation and Ceylon Asset Management Co. Ltd. and Cherille Rosa, former Vice President of Finance and Operations at City Bank, Singapore.
TFC’s new Director/COO will be T.B. Ekanayake, who previously served in the capacity of Executive Director of the company and he will be now supporting the restructuring that is being done.
“The appointment of these two new directors and the new role of T.B. Ekanayake will be an important inclusion to the board, which will support the vision of the Chairman Preethi Jayawardena,” a statement by the company said.
Based on the restructuring programme carried out under the recommendations of a reputed international restructuring organisation, the company is in the process of relocating some of its key branches to strategic locations in order to serve customers with greater convenience.
The company has already refurbished and relocated 10 branches to new strategic locations during the recent past, which will facilitate the growth of new products lined up as a part of its restructuring plan.
Another key area of this restructuring programme is the centralization of back office operations, which will focus on reducing costs and improving the efficiency of the front office staff to serve customers more effectively.
The restructuring comes on the back of the recent controversy ridden TFC-National Savings Bank (NSB) deal, which saw NSB purchasing 13 percent of the TFC shares for a sum of Rs.400 million and then later decided that it would not pay the dues.