Bangladesh Bank (BB) on Wednesday has reconstituted the Board of Directors of IFIC Bank PLC, appointing five new members.
This move follows directives issued by the Financial Institutions Division of the Ministry of Finance in accordance with Bank Companies Act, 1991, as amended in 2023.
Among the new appointments, Md. Mahmud Hossain, former Managing Director of National Bank Limited and Md Ebtadul Islam, former executive director, Bangladesh Bank, Sajjaz Jahir, Professor, Economics Department, BRAC University and Kazi Md Mahbub Kashem, FCA, Chartered Accountant have been have been selected as Independent Directors.
Additionally Md Golam Mustafa, additional secretary, Finance Division in the ministry of finance and Muhammad Manzurul Haque, joint secretary, Finance Division in the ministry of finance will also serve as the government nominated directors.
The government of Bangladesh holds a 32.75 per cent share in IFIC Bank, further reinforcing its influence on the board.
These changes are part of ongoing efforts to strengthen corporate governance in the banking sector and ensure compliance with updated regulations.
The appointments are expected to bring in experienced professionals to steer the bank towards sustainable growth amidst an evolving financial landscape.
The BB has emphasized that the reconstituted board will play a crucial role in maintaining transparency and enhancing the bank's overall performance.
The move aligns with broader efforts to ensure that private banks in Bangladesh adhere to strict governance and management standards.
