The Finance Ministry has cancelled the remaining terms of the contractual appointments of the managing directors (MDs) and chief executive officers (CEOs) of three state-owned banks: Sonali Bank, Janata Bank and Rupali Bank.
The officials are Md. Shawkat Ali Khan of Sonali Bank, Md. Mujibur Rahman of Janata Bank and Kazi Md. Wahidul Islam of Rupali Bank.
The ministry issued three separate notifications on Monday, October 19, regarding the cancellations.
The Financial Institutions Division of the Finance Ministry has instructed the boards of the respective banks to take the necessary steps. In the cases of Janata Bank and Rupali Bank, the government’s approval was conveyed through separate letters dated October 19. The letters instructed the banks’ boards to proceed in accordance with the terms of the contracts and applicable laws.
Shawkat Ali Khan joined Sonali Bank as managing director on October 30, 2024, for a three-year term. Before that, he served as managing director of Bangladesh Krishi Bank.
Kazi Md. Wahidul Islam was also appointed managing director of Rupali Bank for a three-year term.
Md. Mujibur Rahman had been serving as managing director and CEO of Janata Bank.
Following the cancellation of their remaining contractual terms, the boards of the three banks are required to take further action in accordance with the relevant rules and regulations.