In a span of three months, the Bangladesh Bank (BB) has once again dissolved the board of the National Bank PLC, a first-generation commercial bank, citing its failure to safeguard depositors' funds through compromising good governance in banking operations.
The decision was communicated to the bank's managing director via a letter signed by BB Governor Dr Ahsan H Mansur.
In addition to dissolving the board, the central bank has reconstituted it with a new set of members. The new board members include shareholder Abdul Awal Mintoo, entrepreneur holder Moazzem Hossain, and shareholder Zakaria Taher.
Independent directors appointed to the new board are former Bangladesh Bank executive director Md Zulkar Nain, former Managing Director of Shimanto Bank PLC Mukhlesur Rahman, Professor Dr Melita Mehjabeen from the Institute of Business Administration (IBA) at the University of Dhaka and Chartered Accountant Md Abdus Sattar Sarker.
In December last year, the central bank dissolved the National Bank's board on the recommendation from the Bangladesh Securities and Exchange Commission (BSEC).
In that board, Syed Ferhat Anwar, former professor of Dhaka University's Institute of Business Administration (IBA), was appointed as the new chairman of the bank.
Then just four months later in May 2024, the central bank again dissolved the first generation conventional bank replacing a 10-member board headed by chairman Khalilur Rahman.
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