The government has cancelled the contractual appointments of the managing directors of three major state-owned financial institutions: Sonali Bank, Janata Bank, and Rupali Bank. The decision was detailed in an official letter signed by Afroza Akter Riba, deputy secretary of the Financial Institutions Division under the Ministry of Finance, which was issued to the respective bank chairmen.
The ministry recommended terminating the remaining terms of Sonali Bank Managing Director Shawkat Ali Khan, Rupali Bank Managing Director Kazi Md Wahidul Islam, and Janata Bank Managing Director and CEO Mazibur Rahman. Shawkat Ali Khan had assumed his role at Sonali Bank on October 30, 2024, following his tenure as MD of Bangladesh Krishi Bank, while Kazi Md Wahidul Islam took charge at Rupali Bank on December 25, 2024, and Mazibur Rahman was appointed to Janata Bank on November 11, 2024.
Following the cancellation of their remaining contractual terms, the boards of the respective banks are required to take further administrative steps in accordance with applicable rules.
Why it matters
The removal of leadership at three major state-owned banks marks a significant administrative overhaul within Bangladesh's banking sector.