The new Chairman of Seylan Bank PLC, E. Narangoda, assumed duties yesterday, January 01, along with the new director board of the bank.

After the scandal at Golden Key Credit Cards Pvt. Ltd, a subsidiary of Ceylinco Consolidated, caused its investors to panic the Central Bank intervened to stabilise Seylan Bank, also of Ceylinco Consolidated.

The Central Bank placed Seylan under the control of the State-owned Bank of Ceylon.

The Colombo Stock Exchange halted trading of Seylan shares for 15 minutes last Monday in a bid to cool off sentimental trading after it was announced that the bank’s board of directors would be changed.