The government of Sri Lanka on Monday (6) suspended Bank of Ceylon (BoC) General Manager D.M. Gunasekera with immediate effect.

The government recently said that it was investigating the opening of a BoC branch in Seychelles. Speaking to media on Sunday, Finance Minister Ravi Karunanayake asked as to why a Bank of Ceylon branch was opened in a country with just 46 Sri Lankans. If a branch is opened for such a small group, why cannot the bank open a branch for places with much larger population, he inquired.

Karunanayake also said that investigation will be made on who authorized the opening of the branch. He asked if authority was given by the then Finance Minister or central Bank Governor.

Senior banker D M Gunasekara was appointed General Manager of Bank of Ceylon (BOC) in 2013. Prior to his appointment as GM, Gunasekara served as the Deputy General Manager, Retail Banking of BOC.

D M Gunasekara joined BOC in 1983 after having graduated from the University of Colombo with a Special Degree in Public Finance and Taxation in 1981.