Versatile, colourful, veteran banker
Edgar Gunatunga, a versatile, colourful veteran banker passed away peacefully on November 19, 2014. He maintained an enviable and exemplary record of nearly three decades of continuous banking, a rare achievement, perhaps unparalleled anywhere. Having closely associated with Edgar for over three decades reminiscing some memorable hallmarks of his illustrious and elongated banking career make me realise his versatility and his professional excellence. Edgar received his early education at Sedawatte Madya Maha Vidyalaya and later at St. Benedict’s College, Colombo. He loved his alma mater and was very proud of these institutions; the high ethics and discipline of the Christian Brothers had a great impact on his life. From his childhood he demonstrated an exemplary performance whether at school or at home. His deep sensitivity, his sense of commitment to anything he undertook was remarkable.
Edgar began his career in 1954 when he joined the then Eastern Bank as a junior clerk. He virtually re--wrote the record books in the Sri Lankan banking arena where it is the only instance that a school leaver joining the bank as a junior clerk rose to be its managing director. On his performance as a trainee he was selected within a relatively short period for training at the Eastern Bank head office in London, where he received invaluable exposure to all the salient aspects of operational banking, in the then financial capital of the world. Six years on he was back in the Colombo Office as a government officer.
In the late sixties, the Eastern Bank transformed itself into the newly incorporated Commercial Bank. Edgar served with distinction in various positions, entrusted multifarious duties with increasing responsibilities.
From being the first manager of the Jaffna branch, he rose to become a senior manager accountant and finally chief executive and managing director. Growth and profitability figures at Commercial Bank were unprecedented. Retiring in 1991 from the Commercial Bank, Edgar was desirous of a quiet life. However, under pressure from the Central Bank and institutional investors, he was persuaded to take over as chief executive and deputy chairman of the then troubled Sampath Bank, which was going through a crisis and a run on deposits, with the bank losing at a rate of over 50 million a day. His enormous skills born of vast experience and high moral rectitude helped to turn the bank around. Customer confidence and profitability grew slowly but surely; so did the bank’s perfor- mance in the stock markets.
In a variegated career in the private sector where he was in banking, and also in plantations, industry, packaging and marketing, he was also managing director of Commercial Bank Plc, chairman of Sampath Bank, president of the banks’ association of Sri Lanka, chairman of Kahawatte Plantations Plc, group chairman of Tokyo Cement Sri Lanka Plc, Ceylon Tea Marketing Services and Star Packaging Ltd. He was equally at home in the company of business persons, bankers, politicians and academics, therein was his strength. He had an encyclopaedic knowledge of men and matters, besides of business and market intelligence. His sixth sense enabled him both to build up entrepreneurs and also strengthen the lending portfolios of banks he managed.
It is his strength that he brought into the boardrooms of the several companies he served. He was a ‘man for all seasons.’
Edgar’s personal profile was exemplary. He married Pamela, a gracious young lady whom he loved dearly. She was a great strength to him, when his career made exacting demands on him. Together they brought up their son Dilhan and their daughter Elushka with admirable love and care. Edgar, involved in various professional and social activities still found time to spend with family. He was happiest in their company, wife, children and grandchildren. His home was an abode of peace and tranquillity. He was an unassuming person never given to ostentation and bragging.
Throughout his life he epitomised kindness and other qualities, which are fast disappearing. He earned an enviable reputation as an efficient, dedicated and honest banker, whose professional ethics was of a high order, as a person who adhered to a code of professional rectitude.
Edgar was a wonderful friend who reached out to his friends particularly in times of distress; he was steadfast in his loyalty to his friends. With his demise I have lost a dear friend. I now realise how real Charles Caleb Colton’s words were: “True friendship is like sound health, the value of it is seldom known until it be lost.” I have lost a friend who is irreplaceable, an emptiness remains in me that I cannot seem to fill. I thank God however, for the gift of Edgar’s friendship. I thank God for his life. I will not say farewell because I know we will meet again. May the turf lie gently over him.
J. T. Rex Fernando