Farmers Bank Chairman MK Alamgir resigns from board of directors

Muhiuddin Khan Alamgir, chairman and Md Mahabubul Haque Chisty, chairman of the audit committee, were forced to resign from the trouble-hit Farmers Bank's board of directors.

The restructure process has been made in line with a Bangladesh Bank directive, a BB official told The Daily Star tonight.

Farmers Bank Chairman MK Alamgir resigns from board of directors by Daily Star on Scribd

The central bank asked Muhiuddin and Mahabubul last week to resign from their post due to their alleged involvement in financial scams. The BB would have removed them from the board in line with Banking Company Act 1991 if they did not resign willingly.

Bangladesh Bank also issued a statement tonight where it said restructuring of the board of directors would help the bank restore confidence of the depositors who have been withdrawing their funds seeing the deteriorating conditions of the bank establoished just four years ago.

Soon after the resignation of Muhiuddin  and Mahabubul the board of the bank made Mohammad Masud and Maruf Alam chairman and vice chairman respectively.

The bank has also restructured its three vital committees -- audit, risk management and executive -- following a series of meetings between the central bank top officials and the Farmers Bank board.

Besides, the central bank has taken a move to dismiss The Farmers Bank's Managing Director AKM Shameem from his job due to his failure to manage the bank efficiently and address the ongoing liquidity crunch of the bank.