Major changes in Rupali Bank board

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Dr Ahmad Al Kabir has been appointed as the chairman of state-owned Rupali Bank in major changes in the management of the bank, which was set to be off-loaded to the private sector, reports UNB.
Dr Kabir is a managing partner and the chief executive officer (CEO) of RTM International.
A government notification said Kazi Morshed Hossain Kamal, Prof Mohammad Moinudin, Dr SM Mahfuzur Rahman and Advocate M Abdus Salam have been appointed as members of the Board of Directors in place of Mahmud-ul-Karim, Abul Kalam Azad, Maj Gen M Moinul Islam and Khandker Rashedul Haq.
Earlier, the Privatisation Commission had made a move to off-load the bank to make it more efficient and profitable.
Commission Chairman Mirza Jalil sent a letter to Finance Minister AMA Muhith requesting him to move the bank's privatisation issue in the Cabinet.
The Finance Division on December 9, 2003 recommended that the Privatisation Commission off-load the bank in line with the prescription of the World Bank's Enterprise Growth and Bank Modernisation Project.
The Commission had initiated the privatisation process in May 2005 by floating international tender to get a buyer for the bank.
But both the Privatisation Commission and the highest bidder, Saudi Prince Bandar Bin Mohammad Bin Abdul Rahman Al Saud, failed to reach the final deal due to delay in finalising the sales and purchase agreement and the then volatile political situation.
The Saudi Prince was the highest bidder to purchase the bank's 93.11 per cent government shares at a cost of $458 million.