SMIB announces appointment of new CEO

The State Mortgage and Investment Bank (SMIB), a leading state-owned bank in Sri Lanka with 90 years of history, announced the appointment of an experienced banker, Mr. Thushara Asuramanna, as the new CEO with effect from 01 July 2022.

Prior to his appointment as CEO SMIB, Mr. Asuramanna was the Vice President of Commercial Credit Management Unit of Nations Trust Bank (NTB). Starting his banking career in 1999 with National Development Bank Plc, Mr. Asuramanna continued working till 2011 in various capacities attached to SME & Retail segments. He joined NTB in 2011 with exposure to Senior Management, Small and Medium Enterprises (SMEs) & Retail Credit Risk in its Integrated Risk Management Department.

Chairman of SMIB Dr. Udayasri Kariyawasam stated: “SMIB is a key player that fulfils the housing dreams of Sri Lankans. We are striving to see SMIB becoming a bank that is competitive in par with similar banks in the private sector. To achieve this, it is vital that the Bank’s functional environment stands competent. It is also important to actively expand our present outreach from housing related lending to other business avenues. Having recognised the importance of SMEs in expansion of our outreach, we are adopting an inclusive financing strategy to strengthen SMEs in various industries with cost-effective financing options and advisory services. Appointment of Mr. Asuramanna as new CEO is expected to significantly strengthen the Bank’s SME outreach. We are confident that Mr. Asuramanna can drive the bank and the business to next levels by strategically diversifying the existing portfolio towards SMEs along with the introduction of new technology.”

New CEO Mr. Thushara Asuramanna said: “Being a dominant banker in the housing loans segment, SMIB is set to explore opportunities in SME sector in a targeted manner. While focusing on the development of core competency of the bank, I plan to introduce private sector attributes and knowledge to SMIB to enhance productivity in its working environment so that the Bank’s service excellence is driven by customer centricity. All these shall contribute to offering a suite of SME banking services that the Sri Lankan SMEs have been craving for some time.”

New CEO Mr. Asuramanna, who shared his experience and knowledge of financial sector by training many bankers to elevate to their top ranks while he was attached to the Institute of Bankers in Sri Lanka (IBSL), brings 22 years of SME & Retail Banking expertise, as well as experience in Credit Management, Credit Risk management, Profit Centre Management, and Branch operations.

Mr. Asuramanna holds a First Class Degree in Electrical Engineering from the University of Moratuwa and the Master of Business Administration Degree from the Post Graduate Institute of Management. He is an Associate Member of the Chartered Institute of Management Accountants (ACMA), UK and a Member of Chartered Global Management Accountants (CGMA). Mr. Asuramanna is also a Member of the Institute of Engineering Technology (MIET), UK and an Associate Member of the Institute of Engineers, Sri Lanka (IESL). He is also a Certified Expert in SME Finance at Frankfurt School of Finance & Management.

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Image caption:

• Left to right: Chairman of SMIB Dr. Udayasri Kariyawasam and the CEO of SMIB Mr. Thushara Asuramanna