National Bank MD Adil Chowdhury resigns amid financial challenges

Adil Chowdhury, the Managing Director (MD) of financially troubled National Bank PLC, has resigned from his position, according to sources at the bank.

He submitted his resignation letter to the bank's board of directors earlier this week, citing personal reasons. Since tendering his resignation, Chowdhury has reportedly not been attending the bank regularly.

Adil Chowdhury joined National Bank as Managing Director on July 7 last year for a three-year term. His predecessor, Mohammad Touhidul Alam Khan, also stepped down before completing his tenure.

Before joining National Bank, Chowdhury served as President and Managing Director of Bank Asia.

His resignation comes at a time when National Bank is grappling with mounting financial difficulties, including a high volume of non-performing loans, consecutive annual losses, and sustained deposit withdrawals.

The bank has been posting losses since 2022, with accumulated losses reaching nearly Tk 8,900 crore due to bad loans and various financial irregularities.

In a recent move aimed at supporting the bank, Bangladesh Bank approved National Bank's proposal to lease out its under-construction Twin Tower building on Panthapath in Dhaka.

During the Awami League administration, the Sikder Group maintained control over National Bank's board for several years. However, the group lost its influence over the bank following Bangladesh Bank's intervention in 2024.

The bank's board is currently represented by members of the Multimode Group, Hosaf Group, and Armana Group families.