Salman dropped as IFIC Bank board reformed
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The Bangladesh Bank has restructured the board of directors for IFIC Bank, releasing the institution from the influence of Salman F Rahman, a former adviser to Prime Minister Sheikh Hasina on private industry affairs. Salman F Rahman, an influential businessman and shareholder of the bank, had chaired the previous board but is now incarcerated due to several cases related to alleged irregularities during the Awami League's 15-year regime.
The central bank's move resulted in the dissolution of the existing board and the appointment of a new one. The newly constituted board includes two government-appointed directors and four independent directors. The government, which holds a 32.75% stake in IFIC Bank, has appointed Md Golam Mustafa, an additional secretary, and Md Monzorul Haque, a joint secretary at the Finance Division, as directors representing its interests.
The independent directors are:
- Md Mehmood Husain: Former Managing Director of National Bank.
- Ebadul Islam: Former Executive Director of Bangladesh Bank.
- Sajjad Zahir: Professor of Economics at BRAC University.
- Kazi Md Mahbub Kashem: Chartered Accountant.
This restructuring marks a significant shift in the governance of IFIC Bank, steering it away from its previous associations under Salman's leadership.