National Bank managing director Adil Chowdhury resigns

Adil Chowdhury, managing director of National Bank, has resigned, citing personal reasons.

Chowdhury, who joined the troubled bank in July last year, submitted his resignation letter to the board of directors earlier this week.

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While speaking to The Daily Star, Chowdhury confirmed the development but declined to share further details.

A director of the private lender, seeking anonymity, told the newspaper that Chowdhury is expected to join AB Bank, another crisis-hit bank, for a better opportunity.

Prior to joining National Bank, Chowdhury served at Bank Asia PLC as president and managing director.

He resigned from National Bank at a time when the financial institution is struggling with high non-performing loans, mounting losses, and pressure from deposit withdrawals.

Bangladesh Bank recently allowed National Bank to lease out its under-construction Twin Tower building in Dhaka's Panthapath area, which was originally planned to become the private lender's headquarters.

The bank has posted losses every year since 2022. Its accumulated losses have reached nearly Tk 8,900 crore, driven by a high volume of non-performing loans and financial irregularities.

The Sikder Group controlled the bank's board for many years during the Awami League-led government. However, in 2024, the group lost its grip on the bank following intervention by the banking regulator.