Contract terms of MDs of Sonali, Janata and Rupali banks cancelled

The government has decided to cancel the remaining terms of the contractual appointments of the Managing Directors (MDs) and Chief Executive Officers of state-owned Sonali, Janata and Rupali banks. The Financial Institutions Division of the Ministry of Finance issued separate circulars in this regard on Monday.

According to the circulars, the government’s recommendation and consent have been conveyed regarding the cancellation of the remaining terms of the contractual appointments of Sonali Bank MD and CEO Md. Shawkat Ali Khan, Janata Bank MD and CEO Md. Mojibur Rahman and Rupali Bank MD Kazi Md. Wahidul Islam.

The directive of the Financial Institutions Division said that the government’s recommendation and consent have been given regarding the cancellation of the remaining terms of the contractual appointments executed with the boards of directors of the concerned banks. The concerned bank authorities have been directed to take subsequent legal steps in accordance with the Bank Company Act and the agreements executed with the boards of directors.

However the circulars did not mention any specific timeframe for completing the subsequent activities after the cancellation of the remaining terms of the contracts. No reason has also been given as to why the remaining terms of the contracts of the MDs of the three banks are being cancelled.

Md. Shawkat Ali Khan was appointed as MD of Sonali Bank for three years on October 30, 2024. Md. Mojibur Rahman joined as MD of Janata Bank on November 7, 2024. On the other hand, Kazi Md. Wahidul Islam was appointed as MD of Rupali Bank for three years on December 24, 2024. Accordingly about one more year was left for the terms of appointment of all three to end.