Govt cancels contractual appointments of Sonali, Janata, Rupali MDs
The letter has been sent to the chairmen of the three banks.
The government has cancelled the remaining contractual terms of the managing directors (MDs) of three state-owned banks: Sonali Bank, Janata Bank and Rupali Bank.
The Financial Institutions Division under the Ministry of Finance communicated the decision in letters sent to the chairmen of the three banks today (19 October), directing them to take the necessary steps.
The move was confirmed to The Business Standard by Md Azimuddin Biswas, additional secretary of the division's Central and Commercial Banks wing.
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The ministry's decision affects Sonali Bank MD Shawkat Ali Khan, Rupali Bank MD Kazi Md Wahidul Islam, and Janata Bank MD and CEO Mazibur Rahman. All three were appointed during the interim government following the fall of the Awami League government on 5 August 2024.
Shawkat joined Sonali Bank on 30 October 2024 for a three-year term, having previously served as managing director of Bangladesh Krishi Bank.
Wahidul was appointed managing director of Rupali Bank for three years on 24 December 2024, while Mazibur took charge of Janata Bank on 7 November 2024 for a three-year term.
The decision follows the cancellation of the contractual appointments of the managing directors of Agrani Bank, Bangladesh Development Bank Limited (BDBL) and BASIC Bank on 2 September.
According to sources familiar with the matter, the prime minister has directed changes to the top executive positions at all state-owned banks to ensure reforms in the banking sector and protect the interests of depositors and other customers.
A committee led by the finance minister is responsible for appointing new managing directors to the banks and is expected to make the appointments soon. The committee is considering candidates from among the banks' deputy managing directors, while also reviewing the possibility of appointing retired officials and managing directors from several private banks, a Financial Institutions Division official said on condition of anonymity.
Following the cancellation of the remaining contractual terms, the boards of the respective banks will take further steps in accordance with applicable rules.
