Bangladesh Bank has once again taken action to dissolve the board of directors at National Bank.
Terminating the current board, the central bank has also established a new one, appointing Khalilur Rahman, a sponsor director of the bank, as the new chairman.
The central bank communicated to the managing director of National Bank today (5 May) through a letter that the bank's previous board of directors has been disbanded.
This is not the first intervention by the central bank in the governance of National Bank.
On 21 December 2023, a similar dissolution of the board occurred, with Syed Ferhat Anwar, then a professor at the Institute of Business Administration, University of Dhaka, being named chairman.
The latest restructuring follows concerns expressed by Parveen Haque Sikder, a director of the bank, who had approached the Bangladesh Securities and Exchange Commission fearing potential manipulation of the forthcoming board elections by the then-existing board.
This restructuring has led to the removal of most previous directors, including Syed Ferhat Anwar and Parveen Haque Sikder.
