City Bank MD Sohail RK Hussain resigns nine months before his term is to end

City Bank Managing Director Sohail RK Hussain has resigned for 'personal reasons' nine months before his term was to end.

He has been quickly replaced by Additional Managing Director SM Mashrur Arefin.

Hussain's tenure was expected to expire in November this year. But he suddenly resigned on Wednesday, three days after he went on a month's leave.

Sohail RK Hussain

Several media reports said he has been removed from the office of MD due to his disagreements with the owners of the bank over issues. But both sides have denied the reported disagreement.

“For many days, he had been the MD at City Bank. He did not want to stay with us for personal reasons. That's why we have appointed our AMD Mashrur Arefin as MD,” Aziz Al Kaiser, the chairman of the bank, told bdnews24.com.

Arefin will take over charges after the approval of his appointment by the Bangladesh Bank, he said.

About the reported disagreement with Hussain, Chairman Kaiser said, "This is not true. He had been at the City Bank for a long time. He had been MD for more than five years. He was with us for so long because of good relations. "

"Now he says he will get rest. He cannot perform his duties. That is his personal matter.  As he cannot continue, the AMD in the pipeline has been made MD. There is no other issue here. "

Aziz Al Kaiser

SM Mashrur Arefin

Hussain, who joined the City Bank as MD in November 2013, told bdnews24.com, “The news about the City Bank and me being published in the media is not correct. I don't have a problem with the bank's board of directors.”

“I have worked at the City Bank for 12 years. I worked as MD in two terms for more than five years. My tenure was expected to end in November. I have resigned nine months ago due to personal reasons.”

"Now I need rest. I will be abroad for one and a half months. Then I’ll come back and start working in another bank. And I'll do it this year. I've resigned following that plan. Nothing else is true,” he said.

He also brushed aside as untrue the allegation against him that amount of default loans in the bank increased during his tenure.

The rate of default loan has dropped to 5.3 percent from 8.2 percent after he joined the bank as the MD.