COLOMBO, SRI LANKA – August 26, 2026 – Commercial Bank of Ceylon PLC (COMLB), one of Sri Lanka’s leading private sector banks, has announced the appointment of Mrs. Sharmila Shashi Prabha Kandambi Jassim (Mrs. Shashi Kandambi) as an Independent, Non-Executive Director to its Board. The appointment became effective on August 25, 2026, following all necessary regulatory approvals.
Key Details of the Appointment
The decision to appoint Mrs. Shashi Kandambi was initially resolved by the Bank’s Board of Directors on July 22, 2026. This resolution came after a recommendation from the Board Nominations and Governance Committee, underscoring a diligent selection process aimed at enhancing the bank’s governance framework.
The appointment was contingent upon receiving approvals from key regulatory bodies. The Director of Bank Supervision (DBS) of the Central Bank of Sri Lanka (CBSL) granted its approval via a letter dated August 19, 2026. Subsequently, the Director – Supervision (DS) of the Securities and Exchange Commission of Sri Lanka (SEC) provided its consent on August 21, 2026, paving the way for the official commencement of her tenure.
Compliance and Future Disclosures
This announcement aligns with the disclosure requirements stipulated under Sections 8, 9.10, and 7.8.b of the Listing Rules of the Colombo Stock Exchange (CSE), demonstrating Commercial Bank of Ceylon PLC’s commitment to transparency and good corporate governance. The bank has also indicated that a brief résumé of Mrs. Kandambi has been forwarded, highlighting her qualifications and experience, which are expected to bring valuable insights to the Board.
Further, the bank has stated that the number of shares held by Mrs. Kandambi as of her appointment date will be notified to the CSE in due course, ensuring full compliance with regulatory norms regarding director shareholdings.
The addition of an Independent, Non-Executive Director like Mrs. Shashi Kandambi is expected to strengthen the Commercial Bank of Ceylon’s strategic oversight and contribute to its continued stability and growth in Sri Lanka’s dynamic financial sector.
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