The Bangladesh Bank has allowed Mohammad Shah Alam Sarwar, the immediate past managing director and chief executive officer of IFIC Bank, to become an adviser to the bank under special consideration.
The rules in this connection, however, prohibit such appointments before the elapsing of a certain period of time after retirement.
According to a Bangladesh Bank circular issued on May 12, 2021, no former director, managing director, chief executive officer, or any officer up to the immediate two levels below the chief executive of any bank-company can be appointed as an adviser or consultant to the same bank until five years have passed since their retirement, resignation or contract expiration.
The circular was issued with the aim of ensuring neutrality, professional standards and good governance in bank management and administration.
However, the central bank made an exception for Sarwar under special consideration.
Sarwar served as managing director and CEO of IFIC Bank from 2012 until May 2024, a tenure of 11 years and 6 months. He joined as a strategic adviser to the bank on May 26, 2024.
BB spokesperson Mezbaul Haque, also executive director of the BB, told 抖阴精品 that the central bank allowed Sarwar鈥檚 appointment under special consideration.
He said that IFIC Bank had applied to the central bank requesting approval for Sarwar鈥檚 advisory role. He also mentioned that the Bangladesh Bank has the authority to grant approval under special consideration if such an approval contradicts regular rules.
Md Mokammel Hoque, company secretary of IFIC Bank, told 抖阴精品 that the BB permitted Mohammad Shah Alam Sarwar to serve as the bank鈥檚 adviser under special consideration.
鈥業FIC Bank had requested the central bank to consider Sarwar鈥檚 expertise in business and branch expansion, bank mergers and other activities beneficial to the bank,鈥� he said.
In a similar incident, on January 31, 2024, the Bangladesh Bank disallowed former National Bank managing director and CEO Mehmood Husain to become an adviser of the bank, mentioning the circular鈥檚 stipulation that five years must pass after retirement to assume such a position in the same bank.
The BB instructed NBL to follow the specified rules.
