Sonali, Agrani, and Rupali Bank now have a new face as MD

Three new managing directors (MDs) are being appointed in these three big state-owned banks – Sonali, Agrani and Rupali. The current MD of these three banks is dropping out. The Financial Institutions Department of the Ministry of Finance has sent a letter to the Board of Banks on Sunday regarding the appointment of three new members.

The Financial Institutions Department has issued separate letters to the three boards to appoint Bangladesh House Building Finance Corporation (BHBFC) MD Afzal Karim as the MD of Sonali Bank, Murshedul Kabir, Deputy Managing Director (DMD) of Sonali Bank as the MD of Agrani Bank and Mohammad Jahangir, DMD of the same bank as the MD of Rupali Bank. . All will be appointed for three years and on contract basis.

In all the letters, it is said that the government has agreed to their appointment. Nothing has been said about the appointment of whom since when. It is said that they will join after the tenure of the current MDs. The tenure of the current MDs will expire in the next one-and-a-half months.
Ataur Rahman is the current MD of Sonali Bank. And Agrani MD Mohammad Shams-ul Islam and Rupali Bank MD Ubayed Ullah Al Masud. These three MDs have received several reassignments before. Among them, Ataur Rahman Pradhan served as the MD of Rupali Bank for one term and became the MD of Sonali Bank. Ubayed Ullah Al Masood became the MD of Rupali Bank after completing the post of MD in Sonali Bank. And Mohammad Shams-ul Islam was re-employed in Agrani Bank several times.
Bangladesh Bank has found irregularities in the management of Agrani Bank’s agent banking services. This service is operated by Door Services Limited. Despite having surplus deposits, deposits are being collected through this service, resulting in an increase of three-four crores per month. Irregularities were also found in the appointment of the chief executive of the bank’s exchange houses located in Singapore and Malaysia. Passport endorsement fees at airport booths are also overcharged.

In view of such information, Bangladesh Bank has written to the Managing Director (MD) of the bank. Said that these irregularities were committed with the direct help or connivance of the MD of the bank. The interests of the depositors have been undermined through irregularities by repeatedly violating the directives of the bank’s board of directors. The MD of the bank has repeatedly provided false information to the Central Bank regarding these irregularities. On the whole, the activities of the MD of the bank are found to be non-compliant and his role is contrary to the interests of the depositors.

However, Managing Director of Agrani Bank Mohammad Shams-ul Islam told Prothom Alo, “These things have been going on since before I became the MD. And a relative of any bank officer cannot be an agent, it is nowhere. And if there is an error, we will correct it. A reply has already been sent to the central bank. Hopefully, the matter will be resolved.
London-based Sonali Bank, known as Sonali Bank UK Limited, is closing down on August 16. Due to the irregularities and corruption of the bank officials, this institution is dying after 21 years. However, Sonali Bank UK’s expatriate income (remittance) service has been closed since Friday. And mobile apps and online remittance services will be closed from tomorrow Sunday.

But there is good news. That is, a business called ‘Sonali Bangladesh UK Limited’ is being launched in place and branches of Sonali Bank UK. However, instead of conventional banking activities, it will only be able to adjust the rates of foreign bills and debentures. Like Sonali Bank UK, the new entity will also have 51 percent stake of the Bangladesh government and 49 percent of Sonali Bank.