IFIC Bank freed from Salman F Rahman’s grip
A new six-member board has been appointed to run it, the central bank said in a notice today (4 September)
The Bangladesh Bank has reconstituted the board of directors at IFIC Bank PLC, ending the influence of Salman F Rahman, an adviser to the recently ousted prime minister Sheikh Hasina.
In a notice issued today (4 September), the central bank dissolved the board headed by Salman, appointing a six-member team to oversee the bank's policies and operations.
The new board includes four independent directors and two representatives from the government, according to the notice.
Keep updated, follow The Business Standard's Google news channel
The independent directors are Md Mehmood Husain, former managing director of the National Bank Limited (NBL), Ebtadul Islam, former executive director of the Bangladesh Bank, Sazzad Zohir, professor of Economics at BRAC University; and Kazi Md Mahboob Kashem, a chartered accountant.
Representatives from the government, which holds a 32.75% share in the bank, are Md Golam Mostafa, additional secretary, and Muhammad Manzarul Haque, joint secretary, of the Finance Division.
In a letter addressed to the managing director of IFIC Bank, the central bank emphasised that the new board was formed to safeguard public interest and protect the deposits of ordinary citizens.
Salman F Rahman, who had been at the helm of IFIC Bank since 2015, was replaced along with the rest of the board as part of a broader effort to reform the banking sector and ensure good governance, reports UNB.
This shakeup follows the removal of Salman's son, Ahmed Shayan Fazlur Rahman, from his position as director and vice chairman of the bank shortly after the recent change in government. Shayan was dismissed due to allegations of loan defaults.
