Union Bank appoints P. Jayendra Nayak as new Chairman

P. Jayendra Nayak, one of Asia's most distinguished bankers and former AXIS Bank India Chief, has been appointed as the new chairman of Sri Lanka’s Union Bank after the institution came under new ownership.

The appointment is effective from November 9, the bank said in an announcement, adding that the change comes at a time with the bank’s transition to the new owners TPG, the USbased leading global investment firm which acquired 70 per cent equity in Union Bank.

TPG’s recent investment in Union Bank marked a milestone in the financial services industry as one the largest foreign direct investments to Sri Lanka. The investment comprises a combination of primary equity, secondary shares and warrants, and upon exercise of the warrants, could be up to approximately US$117 million, the bank said.

“The TPG investment is yet another initiative that substantiates former Chairman, Alex Lovell's forte in attract- ing global investors for top strategic partnerships. With the new appointment, Mr. Lovell will continue to remain as a Board member and contribute to the Bank's progress in the capacity of Deputy Chairman. Mr. Lovell said that “he is delighted to welcome Dr Nayak to Union Bank as the bank moves to its next phase of growth. We are happy to have the experience and knowledge of someone of the stature of Dr. Nayak to leverage the full potential offered by this investment opportunity”.

Mr. Nayak brings with him rich and varied experience with more than 25 years in the financial sector in India, straddling policy, regulation and managing institutions, across banking and capital markets. He was the former Chairman & CEO of Axis Bank India for over nine years and is synonymous for the cank’s unprecedented levels of success to become the fourth largest bank in India. He was also the Country Head for Morgan Stanley and the Executive Trustee of Unit Trust of India.