New MD Appointed at One Bank, South East and South Bangla to Appoint New MDs This Month

Three private sector banks are set to welcome new Managing Directors (MDs). One Bank has already appointed its new MD, while Bangladesh Bank has approved the appointment of new MDs for South East Bank and South Bangla Agriculture and Commerce Bank (SBAC), who are expected to join their respective banks this month, according to sources from the banking sector.

It has been confirmed that Muhith Rahman joined One Bank as MD on Sunday. He previously served as the MD for Standard Chartered Bank’s Bangladesh operations, where he had been employed since 2005. Before that, he worked with American Express. Although there are multiple MDs at Standard Chartered Bank in Bangladesh, there is only one Chief Executive Officer (CEO). The position at One Bank had been vacant since February when MD Md. Monzur Mofiz’s tenure ended. Muhith Rahman, known for his expertise in treasury operations, is reported to have plans to revamp the bank’s operations.

Meanwhile, South East Bank’s MD, Nuruddin Md. Shadek Hossain, resigned on 28 July citing health reasons. Prior to his resignation, the bank’s board had placed him on a three-month leave starting 4 May this year. Since then, the bank has been in search of a new MD. The new MD appointed to South East Bank is Md. Khaled Mahmud Khan, who was serving as the Additional MD and Chief Business Officer at Mutual Trust Bank. He is expected to join South East Bank later this month.

At South Bangla Agriculture and Commerce Bank (SBAC), the previous MD, Habibur Rahman, resigned in March. The new MD appointed to SBAC is S.M. Moinul Kabir, who is currently serving as the DMD at United Commercial Bank. He will also join the bank in the current month.

In another development, following changes to Meghna Bank’s board, MD Kazi Ahsan Khalil resigned on 27 July. It is understood that the bank’s board has interviewed several top executives from various banks for the MD position. A final decision has been made to appoint the current MD of a leading private bank to this role, which is now awaiting approval from Bangladesh Bank. Upon approval, Meghna Bank will have a new MD.

Additionally, several other banks are expected to appoint new MDs in the near future. This is due to the fact that many current MDs are approaching the age of 65, the mandatory retirement age. Once this age is reached, it is standard procedure to seek a new MD.