Md Muslim Chowdhury, chairman of the board of directors of state-owned commercial bank Sonali Bank, has resigned.
He submitted his resignation letter on Monday (March 2) morning, according to bank sources.
Chowdhury told the media that he resigned for personal reasons. However, two officials at the bank's head office said on condition of anonymity that pressure was being exerted on the chairman and managing director (MD) from various quarters regarding administrative decisions and transfers in recent times.
They claimed that pressure was increasing especially over the appointment of certain people in various important branches including Dhaka. Those concerned believe that the decision to resign by the chairman may have been taken in this context.
Mohammad Muslim Chowdhury was appointed as the director and chairman of the bank's board of directors on August 28 in the changed political context after the mass uprising of students and the public on August 5, 2024.
Before joining the banking sector, he served as the country's auditor general and comptroller (CAG).
Earlier, he was also the secretary in the Finance Division of the Ministry of Finance.
He joined the Audit and Accounts Cadre of the Bangladesh Civil Service in 1984 and served in various important positions including Controller general of accounts, controller general of defense finance, and others during his career.
He has also served as deputy secretary, joint secretary, and additional secretary of the Finance Division.
Meanwhile, M Aslam Alam, chairman of the Insurance Development and Regulatory Authority (Idra), the regulatory body of the insurance sector, has also resigned.
According to relevant sources, he sent his resignation letter to the Secretary of the Financial Institutions Division of the Ministry of Finance on Monday morning.
He cited personal unavoidable reasons in his resignation letter.
Aslam Alam is a former secretary of the Financial Institutions Division of the Ministry of Finance. After a long administrative experience, the interim government that took charge after August 5, 2024, appointed him as the Chairman of Idra.
Earlier, in 2016, after the theft of foreign exchange reserves came to light, the then Awami League government removed him based on a statement he made. He has been in the news since that incident.
His resignation is seen as significant in the context of multiple changes in the financial sector in recent times.
After the formation of the BNP-led government, Bangladesh Bank governor Ahsan H Mansur was replaced on Wednesday and businessman Md Mostakur Rahman was appointed as the new governor.
After the central bank, the resignation of the head of the insurance sector's top regulatory body is believed to indicate a series of leadership changes in the financial sector. However, no official announcement has been made by Idra regarding the appointment of a new chairman or transfer of responsibility.
