BB removes Badal from IFIC board

Bangladesh Bank (BB) yesterday removed Mohammad Lutfar Rahman Badal from the Board of Directors of IFIC Bank, reports BSS.
Rahman, also the chairman of the Executive Committee and Risk Management Committee of the private bank, was removed from the bank’s board on Thursday, AFM Asaduzzaman, general manager of governor secretariat of Bangladesh Bank (BB) said.
Banking Regulations and Policy Department of the central bank sent a letter to the Bank’s chairman and company secretary for taking necessary steps in this regard, a BB official said.
He said the regulatory action was taken following of a report of the permanent committee of the central bank formed as per the Section 48 (1) of the Bank Company Act 1991.
The report noted that Rahman’s activities were detrimental to the interest of the Bank and the investors as he did not attend a single meeting out of the 18 board meetings of the Bank held between December 2014 year and September 2015 this year.

BB removes Badal from IFIC board

Bangladesh Bank (BB) yesterday removed Mohammad Lutfar Rahman Badal from the Board of Directors of IFIC Bank, reports BSS. Rahman, also the chairman of the Executive Committee and Risk Management Committee of the private bank, was removed from the banks board on Thursday, AFM Asaduzzaman, general manager of governor secretariat of Bangladesh Bank (BB) said. Banking Regulations and Policy Department of the central bank sent a letter to the Banks chairman and company secretary for taking necessary steps in this regard, a BB official said. He said the regulatory action was taken following of a report of the permanent committee of the central bank formed as per the Section 48 (1) of the Bank Company Act 1991. The report noted that Rahmans activities were detrimental to the interest of the Bank and the investors as he did not attend a single meeting out of the 18 board meetings of the Bank held between December 2014 year and September 2015 this year.