'It usually takes a few days to make a decision as BB follows some procedures before admitting such applications'
National Bank Limited is likely to get the Bangladesh Bank’s approval to appoint the bank’s Deputy Managing Director Shah Syed Abdul Bari as its full-time managing director for three months.
Md Serajul Islam, executive director and spokesperson of the central bank, said that the proposal of NBL was under BB’s approval process.
It usually takes a few days to make a decision as BB follows some procedures before admitting such applications, Serajul said.
The NBL board presided over by its Chairman Monowara Sikder on Monday approved the appointment of Bari for three months, following a central bank’s letter that asked the bank to appoint a fulltime managing director within April 28.
The central bank was even planning to appoint an administrator in the bank unless the decision to appoint a fulltime MD was taken by the NBL board.
Before the BB’s instruction, the NBL board on April 15 appointed Abdul Bari as the bank’s managing director (current charge) replacing Bulbul, prompting the BB to instruct NBL to appoint a fulltime managing director.
The issue of appointing a fulltime managing director came to surface when BB’s financial integrity and customer services department asked NBL to revoke appointment of the then managing director (current charge) ASM Bulbul from the post.
The central bank issued the instruction based on its finding that Bulbul, while serving as the bank’s managing director (current charge), approved a substantial amount of loans to a number of entities without following due procedure, BB officials said.
Besides, the bank was asked to provide all sorts of documents against the approval of loans to Rongdhanu Builders, Desh TV, Rupayan and Shanta Enterprise along with detailed account information of the entities.