Written by The Banking Post
Bangladesh Bank has appointed five independent directors to the boards of Bangladesh Commerce Bank Ltd and The Premier Bank PLC as part of its regulatory oversight of the banking sector.
Dr Md Rafiqul Islam and SM Abdul Hamid, FCA, have been appointed independent directors to the board of Bangladesh Commerce Bank.
The appointments were made under Sections 45 and 47(3) of the Bank Company Act, 1991. The central bank’s Banking Regulation and Policy Department-2 informed the bank’s managing director of the decision through an official letter.
Separately, Bangladesh Bank appointed three independent directors to the board of The Premier Bank PLC under the same legal provisions.
The appointees are Brigadier General (retd) Jahedur Rahman, Mohammad Mosharraf Hossain and Masudur Rahman Shah.
According to the central bank’s notice, Mosharraf Hossain currently serves as an independent director on the board of United Commercial Bank PLC (UCB).
However, Section 23(1)(a) of the Bank Company Act, 1991, restricts certain overlapping directorships in banking companies. To ensure compliance, Premier Bank has been instructed to arrange his resignation from UCB before he joins its board and notify Bangladesh Bank accordingly.
