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The Financial Express

BB curbs on banks

Chiefs of three bodies barred from board of subsidiary

| Updated: May 12, 2022 11:38:19


Commuters pass by the front of the Bangladesh central bank building in Dhaka, March 8, 2016 – Reuters/Files Commuters pass by the front of the Bangladesh central bank building in Dhaka, March 8, 2016 – Reuters/Files

Chairmen of three top policy-making committees of any bank will not be able to hold any post of its subsidiary company or foundation.

The central bank of Bangladesh imposed the restriction in a circular on Wednesday.

"If any chairperson of the committees -- executive, audit or risk management -- now holds such positions, he or she has to resign by June 30 this year," the Bangladesh Bank (BB) circular said.

Besides, the management of the bank concerned needs to inform the central bank within seven working days of the following month after making the post vacant, the circular says.

On the other hand, if any person serves as shareholding director or nominated director or independent director of any bank for at least one year will not be entitled to be appointed in any post of the same bank.

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