His appointment is made, as the current Chairman of the Bank, Arjuna Gunaratne is resigning from the post and from the Board of Directors, with effect from end April.
Gunaratne, resigns in compliance with a regulatory requirement, which says the term of a Director of a Commercial Bank should not exceed nine years.
http://www.news360.lk/business-finance/1-4-14-sri-lankas-ntb-appoints-krishan-balendra-as-its-new-chairman