One PCB complies, two others clarify positions

A private commercial bank (PCB) has complied with the Bangladesh Bank (BB) directive cutting the number of directors from a single family to maximum two while two other PCBs clarified their positions within the deadline Thursday.
"Premier Bank Limited has informed us about their compliance with the directive," a BB senior official told the FE.
He said National Bank Limited (NBL) and City Bank Limited have explained their latest positions over the issue on the day.
 "We'll take decision on the issue after examining their clarifications," the central banker noted.
Earlier on October 20 last, the central bank had asked the three PCBs to bring down the number of directors from a family to maximum two from the existing level by October 30.
The amended banking law came into effect on July 22 last year and its provision was supposed to be implemented within one year.
Under the amended act, no more than two directors from a family can be on the board of any bank while the total number of directors should be 20 in the maximum. And in every bank, there will be two to three independent directors.
Spouses, parents, children, brothers and sisters and their dependants are considered members of a family, according to the banking companies act.

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