Community Bank acting MD resigns before taking full charge

Kimiwa Saddat, acting managing director (MD) of Community Bank Bangladesh PLC, has resigned. He stepped down before formally assuming the role of full-time MD.

Saddat was scheduled to take charge as the bank’s full-fledged MD on May 14. However, on Wednesday, he submitted his resignation letter to the bank’s chairman.

When contacted, he confirmed his resignation.

When asked if there was any pressure behind the move, Saddat told The Daily Star, “I don’t know much about it. A member of the board had hinted at it. I resigned citing personal reasons to preserve my own dignity. The board can say whether there was any kind of pressure on them.”

Officials of the bank said that Saddat stepped down following a request from higher authorities within the police administration.

He had been serving as the acting MD and was formally appointed as the MD by the bank’s board, with the appointment also receiving approval from Bangladesh Bank after completion of due procedures.

However, insiders claim that efforts are underway to appoint a preferred candidate backed by an influential government figure as the bank’s MD.

In his resignation letter addressed to the chairman, Saddat wrote that he was stepping down from the position of acting MD for personal reasons, effective after completion of the stipulated three-month notice period.