Major Leadership Changes in Private Banks

Bangladesh’s private banking sector is poised for a significant wave of leadership transitions at the managing director (MD) level beginning next month. Driven by statutory retirement upon reaching the maximum service age, the expiry of contractual tenures, and, in a few cases, voluntary resignations, several banks are preparing to welcome new chief executives. Sector insiders argue that MD-level changes are no longer routine administrative matters; rather, they have become strategically critical, shaping banks’ long-term direction, risk management frameworks, and standards of corporate governance.

According to industry sources, Dutch-Bangla Bank and Midland Bank are both scheduled to appoint new MDs in February, having already completed their internal selection processes. Formal appointments are now contingent upon regulatory approval from Bangladesh Bank. In parallel, Eastern Bank is also preparing for a leadership transition, while several institutions—including Dhaka Bank, Meghna Bank, South Bangla Agriculture and Commerce Bank, and Southeast Bank—have already installed new managing directors in recent months. BRAC Bank likewise experienced a change at the top in September last year.

Under current Bangladesh Bank regulations, the maximum age limit for serving as a managing director is 65. As a result, age-related retirement has become the principal cause of vacancies at the apex of bank management. Bank sponsors and board members note that this regulatory reality has made the search for experienced, competent, and reputable professionals increasingly challenging. The demands placed on new MDs are expanding rapidly: beyond traditional banking expertise, they must demonstrate strong credentials in international-standard corporate governance, digital transformation, compliance with tightening regulatory requirements, and resilience in an increasingly competitive financial landscape.

At Dutch-Bangla Bank, the incumbent MD, Abul Kashem Md. Shirin, is set to retire on 6 February. Since assuming office in 2016, he has been widely credited with advancing the bank’s digital transformation agenda, expanding its ATM network, and strengthening technology-driven customer services. The board has selected Ehteshamul Haque Khan—currently Deputy Managing Director and Chief Corporate Business Officer—as his successor, subject to regulatory clearance.

Meanwhile, Midland Bank’s MD, Ahsan-uz Zaman, will complete his tenure on 24 February. Having served since 2014, he is expected to be succeeded by Imtiaz U Ahmed, presently an Additional Managing Director at Shahjalal Islami Bank. Pending Bangladesh Bank approval, Imtiaz is likely to assume office later next month.

Eastern Bank is also approaching a key transition. The tenure of its current MD, Ali Reza Iftekhar, will end on 19 April. After nearly two decades of leadership, the bank has initiated discussions with experienced Bangladeshi bankers working both at home and abroad to identify a suitable successor.

The following table summarises recent and upcoming MD-level changes across major private banks:

Collectively, these leadership changes are expected to influence policy orientation, competitive dynamics, and service quality across the private banking sector. Observers believe that how effectively new MDs balance regulatory compliance, innovation, and prudent risk management will play a decisive role in shaping the sector’s trajectory in the years ahead.