Union Bank of Colombo PLC announced that Dr. Pangal Jayendra Nayak, upon reaching the age of 70 years, will be retiring from the chairmanship with effect from June 30, 2017, in compliance with No. 3(3) (i) of Banking Act no. 11 of 2007 on corporate governance for licensed commercial banks in Sri Lanka. The company announced that Mr. Priyantha Fernando, Deputy chairman/senior director was appointed as the acting chairman of the board with effect from July 1, 2017, at the board meeting held on June 21, 2017, until the new chairman is appointed.