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British-born CFO to restructure Bank of Ceylon
[12 Jan 2001]

New waves of changes are expected to occur in the entire structure of the Bank of Ceylon (BOC) as British-born Anthony Barned will assume duties as the first ever Chief Financial Officer (CFO) from January 16.

Business reports revealed that this new appointment is aimed at accelerating the on-going–restructuring programme to become the best bank in the island.

Banking sources said that Barned, who is in his early 50s, counts 20 years of experience in international management consulting companies in the world such as Baclays Bank, Booz Allen and Hamilton Financial Services Group and had extensively worked in transformation projects in both North and Southeast Asia.

Sources revealed that the BOC is currently engaged in a three-year-restructuring programme to become the best commercial bank within the parameters of state ownership.

The CFO is expected to be the key driver to infuse greater dynamism into the organisational structure by further strengthening the BOC's endeavours to forge ahead with a customer-driven IT banking platform.

This programme covers several other issues, including: improving BOC's market share and market leader position in the banking industry (29% in terms of assets, 37.2% on the basis of NRFC and 76% in terms of inward bills); assets and profits growth in line with the targets agreed with the government; developing HR plan; asserting the lead edge in technology to meet challenges of the 21st century; eliminating/minimising weaknesses which hinder the progress in a highly competitive environment and cost reduction.

 

 

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