In a bid to revive the ailing private Farmers bank, seven new directors will be appointed from the government, the private sector and the financial institutions.
The break up is, one director from each of four state-owned banks, two independent directors from Bangladesh Bank and one from the Investment Corporation of Bangladesh, according to well- placed sources.
However, Chairman of the Board of Directors Mohammad Masud and Vice Chairman Maruf Alam will continue their tenure. All other directors resigned as complaints mounted about major ‘mismanagement’.
Managing directors from the four state-owned banks and the ICB are keen to buy the bank’s shares. If their proposal is accepted, they will join the new Board provided as they can ensure 'capital supply'. The new Directors from the state- owned banks would attend the next meeting of the new Board, it is learnt.
Adviser to Farmers Bank Pradip Kumar Dutta told Bangla Tribune, “All directors resigned last month on instructions from the Bangladesh Bank and the Board accepted their resignation.”
Intriguingly, while the resigning directors said they quit 'under pressure' from the Bangladesh Bank, other sources maintained that the changes were implemented at the top as part of the Farmer bank's future strategy.