BB appoints 5 independent directors to Commerce Bank, Premier Bank

The central bank appointed two independent directors to Bangladesh Commerce Bank and three to Premier Bank under Sections 45 and 47(3) of the Bank Company Act, 1991.

The Bangladesh Bank has appointed five independent directors to the boards of Bangladesh Commerce Bank Limited and The Premier Bank PLC, according to separate press releases issued on Tuesday (3 November).

Dr Md Rafiqul Islam and SM Abdul Hamid, FCA, have been appointed independent directors to the board of Bangladesh Commerce Bank Ltd.

The appointments were made under the powers conferred by 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.

Meanwhile, Bangladesh Bank has appointed three independent directors to the board of The Premier Bank PLC under the same provisions of the law.

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.

To ensure compliance with Section 23(1)(a) of the Bank Company Act, 1991, Premier Bank has been instructed to ensure his resignation from UCB before he joins its board and inform Bangladesh Bank accordingly.

Source: The Business Standard