Bangladesh Bank has constituted a new board of the National Bank by dissolving the existing board on charges of various irregularities.
The central bank has taken this decision following the recommendation of Bangladesh Securities and Exchange Commission (BSEC) for various reasons including approval of loans in violation of rules, abuse of power by the board and selection of directors.
Bangladesh Bank revealed the decision through two separate orders on Thursday.
According to the order, the existing board of the National Bank has been dissolved to protect the interests of the depositors as well as the general customers.
More to follow…