He has completed the maximum duration of term for a bank director as declared by the Central Bank.

Perera is expected to be succeeded by PABC deputy chairman Eshan de Silva.

However, he continues to be a shareholder of PABC, having a five per cent stake in the bank.

Last year, the bank’s net profit exceeded Rs. 01 billion, and Perera was able to get Japan’s Bansei Securities Company to join the PABC as a shareholder, with a 15 pc stake.

This company has also bought Central Bank bonds worth around Rs. 50 billion.

Last month, Dhammika Perera, holder of 30 pc shares in PABC, resigned as the Sampath Bank chairman after completing his nine year tenure.