Contracts of Agrani, BDBL, BASIC Bank MDs cancelled

The government has cancelled the contracts of the managing directors of three state-owned banks -- Agrani Bank, Bangladesh Development Bank Limited (BDBL) and BASIC Bank.

The Financial Institutions Division informed the respective boards of directors of the decision yesterday.

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Separate letters said the government had approved the cancellation of the unexpired contractual tenures of Agrani Bank Managing Director Md Anwarul Islam, BDBL Managing Director Md Jashim Uddin and BASIC Bank Managing Director Md Kamruzzaman Khan.

The respective boards will now take further steps in line with the Bank Company Act.

Financial Institutions Division sources said the process of appointing new managing directors has begun and the appointments are expected soon.

The government has also recently removed 10 directors from state-owned banks.

Some of the directors were appointed for three-year terms under the interim government, while others were government nominees whose terms had expired.

The government has appointed 15 new directors in their place.