One Bank Chairman Sayeed Hossain Chowdhury removed over loan delinquency

Bangladesh Bank has removed HRC Group Chairman Sayeed Hossain Chowdhury from the post of chairman of One Bank due to his failure to pay back bank loans.

"No loan defaulter can serve a bank as director," Md Serajul Islam, spokesperson and an executive director of the central bank, told The Daily Star, confirming Chowdhury's removal.

The central bank sent a letter to the bank on Sunday informing the decision.

At the same time, he will not be able to remain as a director of the bank for the next three years, said the BB letter.

"So, he has been removed for being a defaulter. He will also not be able to join in the process of leading the bank for the next three years," Islam added.

A concern of the business giant HRC Group defaulted on its loan payments. But Chowdhury did not repay the loan. So, banks complained to the BB for taking action against him regarding that. In view of the allegation, he was removed, said a BB official well-versed with the matter.

Chowdhury has been the chairman of the bank for more than one term. He was elected chairman for one year on August 1 last year for this term.

According to the Banking Companies Act, defaulters cannot hold the posts of director and chairman of any bank.

However, some defaulters have remained as directors of banks with court orders.