SBAC Bank’s MD resigns before tenure ends

Md Golam Faruque, managing director of South Bangla Agriculture and Commerce Bank, has stepped down unexpectedly six months before his term expires.
Faruque, who was appointed for a three-year tenure, has tendered his resignation on health grounds, said SM Amzad Hossain, chairman of the bank.
"Faruque suddenly informed us on Sunday that he was unable to continue his job because of illness," Hossain said, adding that he sent the resignation letter both to the central bank and the board of directors of the bank.
The board is yet to take any decision in this regard, Hossain said.
Faruque has been suffering from acute shoulder and back pain for the last six months and has been under treatment at home and abroad, according to his resignation letter. He did not respond to phone calls from The Daily Star.
The board has assigned Mostafa Jalal Uddin Ahmed, additional managing director of the private bank, as the acting managing director.
Faruque has taken a month's leave, after which his resignation will come into force.
Faruque joined SBAC in August 2017 as the managing director and his tenure was scheduled to end in August this year.
He also worked for Rajshahi Krishi Unnayan Bank as its managing director and Janata Bank and Bangladesh Krishi Bank as deputy managing director.
He started his career as a senior officer at Janata Bank in 1984.
SBAC is a fourth-generation bank, which got licence from the central bank in 2012 and started operations in April 2013.
The bank's classified loans stood at Tk 140 crore, or 2.63 per cent of its total outstanding loans, as of September last year, according to Bangladesh Bank data.
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