Central bank dissolves board of directors of National Bank

Amid the reform initiative in the country’s banking sector, Bangladesh Bank (BB) has dissolved the board of directors of private National Bank on grounds of numerous irregularities.

An office order, signed by BB Governor Ahsan H Mansur, said the banking regulator dissolved the bank‍‍`s board to protect the depositors‍‍` money and public interest.

The order also said that the National Bank Limited board is involved in activities contrary to the interests of the bank company and depositors by disrupting the financial condition of the bank due to policy-making weakness.

Moreover, the BB has formed a new seven-member board, with three shareholder directors and four independent directors.

The three directors are shareholders of the bank Abdul Awal Mintoo, Moazzem Hossain and Zakaria Taher.

Independent directors are former BB Executive Director Md Zulkar Nain, Shimanto Bank PLC former Managing Director Mukhlesur Rahman, University of Dhaka‍‍`s Institute of Business Administration (IBA) Prof Dr Melita Mehjabeen, and Chartered Accountant Md Abdus Sattar Sarker.