The Bangladesh Bank has formed the board of directors of EXIM Bank Limited dissolving it and removing its chairman Nazrul Islam Mazumder.
The central bank took the decision for protecting the interests of depositors and the bank.
Three shareholder directors and two independent directors were appointed to the board. A notification was issued in this regard on Thursday.
The new shareholder directors are Md Nazrul Islam Swapan, Md Nurul Amin and Anjan Kumar Saha. They were also board members when Md Nazrul Islam Mazumder was the chairman.
The two independent directors are SM Rezaul Karim, former executive director of Bangladesh Bank and Khandaker Mamun, FCA a chartered accountant.
The EXIM Bank Limited's chairman will be appointed from the newly appointed five directors.
Nazrul Islam Mazumder had been serving as chairman at the EXIM Bank board since 2007. At the same time, he has also been serving as the president of the Bangladesh Association of Banks (BAB), the banks owners' organisation.
Nazrul Islam Mazumder is the founder of Nassa Group, a conglomerate of apparel companies. He is known closely associated with former prime minister Sheikh Hasina. He came under widespread criticism for handing over money to Sheikh Hasina realising those from different banks. He subsequently came under strong criticism holding 'Sheikh Hasina Inter-bank Football Tournament' on behalf of the BAB. Following the political changeover, Bangladesh Bank froze the bank accounts of Nazrul Islam Mazumder, his wife Nasrin Islam and their children.
