The chairman of Southeast Bank has been replaced after 20 years.
The bank鈥檚 founding chairman, MA Kashem, who was forced out two years ago, has been reinstated as the new chairman of the board of directors of the bank.
The previous chairman Alamgir Kabir was accused of corruption.
Two other directors, who were also previously removed, were brought back to their positions.
The changes were made on Sunday at a board meeting.
Alamgir Kabir, along with two other directors, resigned at the bank鈥檚 AGM last Wednesday, in compliance with the Company Act, which requires one-third of board members to step down annually.
Following the removal of MA Kashem, Anjuman Ara Shahid became a director in his place.
Anjuman Ara Shahid was the wife of Chowdhury Nafeez Sarafat, former chairman of Padma Bank.
She previously served as the chairman of Strategic Finance and Investment, a financial institution owned by her husband.
Nafeez Sarafat is known for his close ties to Sheikh Hasina, the former prime minister who was ousted from power following a student-led mass uprising.
MA Kashem, also a former president of the FBCCI and a trustee board member of North South University, was removed in 2022 due to political reasons.
Southeast Bank, founded in 1995, had been led by Alamgir Kabir since 2004.
During his tenure, Kabir faced numerous allegations, including loan fraud, stock market manipulation, procurement misconduct, and involvement in recruitment scandals.
He was also accused of appointing board members with conflicts of interest.