New managing directors appointed to state-owned Sonali, Agrani, Rupali banks

The deputy managing director of Sonali Bank replaces Shams-Ul Islam as Agrani Bank MD

The government has appointed new managing directors to state-owned Sonali, Agrani and Rupali banks on three-year terms.

The Financial Institutions Division of the Ministry of Finance sent out notices to the three banks on Sunday.

Md Murshedul Kabir, who is serving as the deputy managing director of Sonali Bank, will take the place of Agrani Bank MD Mohammad Shams-Ul Islam, whose term will end on Aug 23 after turning 65.

He took office at Agrani Bank in 2016 in his first term before the government kept him in the role for a second term in 2019.

According to the Bank Company Act 1991, the maximum age limit of managing director at commercial banks can be 65 years.

“I'm going into retirement... I’ve been able to make much headway for the bank and Agrani Bank is now in a very comfortable position,” said Shams-Ul.

Md Afzal Karim, the MD of the House Building Finance Corporation, was assigned to the Sonali Bank as managing director and chief executive officer.

Mohammad Jahangir, the deputy managing director of Rupali Bank, was promoted to the position of managing director at the bank.

The FID sent letters asking the chairman of each bank’s board of directors to take further steps for their appointments under the Bank Company Act.

The terms of Sonali Bank MD Md Ataur Rahman Prodhan and Rupali Bank’s Md Obayed Ullah Al Masud will also end this month though they are still two years away from reaching the age of 65.

Ataur was transferred to the Sonali Bank after serving as managing director of Rupali Bank in his first term while Obayed served his first term at Sonali Bank.

The Bank Company Act stipulates that only the Bangladesh Bank can appoint managing directors of scheduled banks.

The state-owned commercial banks will now prepare the papers and send them to the central bank for authorisation. It will assess the newly appointed managing directors’ experience, go through their profiles in the Credit Information Bureau and give final approval.