Financial sector sees three top resignations
The financial sector today witnessed three high-profile resignations across key institutions, including the chief of the Insurance Development and Regulatory Authority (IDRA).
The development came less than a week after the government suddenly cancelled the contract of the serving Bangladesh Bank (BB) governor and appointed a new one.
For all latest news, follow The Daily Star's Google News channel. In a letter to the secretary of the Financial Institutions Division, M Aslam Alam resigned from his position as IDRA chairman today, citing personal reasons.
For the same reason, the chairman of state-run Sadharan Bima Corporation, Mohammad Jainul Bari, and the chairman of state-owned Sonali Bank, Mohammad Muslim Chowdhury, also stepped down.
All three were appointed during the tenure of the Prof Muhammad Yunus-led interim administration.
Officials said the resignations come as the Bangladesh Nationalist Party-led government began reshuffling top positions in the administration after being sworn in on February 17.
On February 25, it cancelled the contract of Ahsan H Mansur, who had been appointed BB governor by the interim government in August 2024. The government then appointed Md Mostaqur Rahman, a professional accountant and businessman, as the new governor of the central bank.
IDRA’s Aslam was appointed by the interim government in September 2024. Saifunnahar Sumi, spokesperson for IDRA, said he had announced his decision at a meeting nearly two weeks ago.
On the same day, Jainul Bari resigned as chairman of the board of Sadharan Bima Corporation, the state-owned general insurer. Bari, a former chairman of IDRA, had been appointed by the deposed Sheikh Hasina government. Contacted, he said he stepped down for personal reasons.
However, a senior finance ministry official, requesting anonymity, said Bari had been signalled to resign after the new government assumed office. The official described the transition as part of the normal process following a change in administration.
Muslim Chowdhury resigned from the post of chairman of the board of Sonali Bank, also citing personal reasons. He submitted his resignation after going to the bank’s head office as usual, sources said. Chowdhury, a former Comptroller and Auditor General (CAG), was appointed by the Yunus administration on August 24.
Sources at Sonali Bank said pressure mounted on the chairman and managing director from leaders aligned with the Zia Parishad, a forum linked with the ruling BNP, after the national election on February 12.
On February 24, the bank management transferred seven officials outside Dhaka who were allegedly involved in mobilising pressure for postings. Among them were SM Abul Bashar, general secretary of Sonali Bank Zia Parishad; Md Sohel Mahbub, president of Sonali Bank Jatiyatabadi Bankers Parishad; and Md Sohel Raihan, its general secretary.
Following the transfers, BNP-backed leaders reportedly approached the party’s top leadership, arguing that they had been deprived during the Awami League’s tenure and were again being sidelined despite the change in government. Sources said pressure increased on Chowdhury to step down.
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