Channa de Silva appointed as Chairman of Sarvodaya Development Finance

Tuesday, 25th October 2016, Colombo: Sarvodaya Development Finance announces the appointment of Channa de Silva as its new Chairman on the retirement of Mr. Eastman Narangoda, who led the successful transformation process of Sarvodaya Development Finance formerly known as Deshodaya Development Finance Company Limited (DDFC). The Sarvodaya Development Finance Limited evolved from deep rooted commitment to nation building and development along the 'grass roots' model of its parent, the Sarvodaya Movement. Mr. Channa de Silva was welcomed as the new Chairman on 10th October 2016 (subject to approval from Central Bank of Sri Lanka) at a simple but graceful occasion held at the company's head office. The ceremony was graced by the Founder/President of Sarvodaya Movement, Dr. A. T Ariyaratne, corporate management and staff.

Mr. Channa de Silva was formerly Deputy Chairman and Independent Non Executive Director on the Board of Sarvodaya Development Finance. He is the current Managing Director of Summit Finance and a Former Director of Pan Asia Bank PLC. He was formerly the Group Managing Director of Delmege Limited. He also served as the Director General of the Securities and Exchange Commission (SEC), as well as the Executive Director of the Board of Investments (BOI) Sri Lanka.

Mr. Channa de Silva has represented many Government Boards and Commissions such as the Insurance Board of Sri Lanka (IBSL), the Public Enterprise Reform Commission (PERC), the Construction Guarantee Fund, the National Payment Gateway of the Central Bank of Sri Lanka and the National Council for Economic Development. He has also been a member of the Sri Lanka Accounting and Auditing Standards Monitoring Board (SLAASMB).

Mr. de Silva holds a Bachelor's Degree from the University of Colombo and a Master's Degree each from Harvard University (USA) and Melbourne University (Australia). He is also an Edward Mason Fellow of Harvard University and served as a Teaching Fellow at the Harvard Kennedy School.A Fellow of the Chartered Institute of Management Accountants (FCMA-UK) and Fellow of the Chartered Certified Accountants (FCCA-UK), Mr. de Silva has served on the Governance and Accounting Standards Committee of The Institute of Chartered Accountants of Sri Lanka, along with being a Council Member of the Association of Chartered Certified Accountants (ACCA) of Sri Lanka.

Guided by the social philosophy of Mahatma Gandhi and the spiritual teachings of Buddhism, Sarvodaya, founded by Dr. A T Ariyaratne, is currently the oldest non-governmental organisation in Sri Lanka. Mr. de Silva too is committed to these principles and will ensure that these values remain at the core of the company's future plans. The new vision articulated for the future growth of the company is steered by its commitment "To be a catalyst in creating an economically progressive society, living in dignity".

The retiring Chairman Mr. Narangoda, who turns 70, made a significant contribution to the company's strategic transformation, implementing the strategic business and corporate plans and policies to restructure the company as Sarvodaya Development Finance. A Past President of the Association of Professional Bankers of Sri Lanka, and a Fellow Member of the Institute of Bankers of Sri Lanka, the Institute of Management Specialists in the UK and the Sri Lanka Institute of Training and Development, Mr. Narangoda was also a Founding Vice-Chairman of the Office of the Financial Ombudsman (Sri Lanka). In January 2009, he was appointed Executive Chairman of Seylan Bank. In May 2010, he was named the Most Outstanding Sri Lankan by the International Lions Association in the Business Management Category.

Sarvodaya Development Finance is the pioneer in microfinance in Sri Lanka and provides finance to micro and SME sector in the country. The company has 30 branches and 28 Customer Service Centers spread over the island covering all districts and has an employee base of almost 700, serving the company.