BB dissolves Premier Bank board

Bangladesh Bank has dissolved the current board of Premier Bank and formed a new one – a move which, industry insiders claim, will end the dominance of the family members of HBM Iqbal, founder chairman of the bank and an Awami League lawmaker.

For the sake of the depositors, the central bank dissolved the seven-member board led by Mohammad Imran Iqbal, son of HBM Iqbal and chairman of the bank, Bangladesh Bank Director and Assistant Spokesperson Mohammad Shahriar Siddiqui told The Daily Star.

In its place, the banking watchdog formed a six-member board, including Arifur Rahman, a sponsor shareholder, as a director, and the remaining five as independent directors.

After leading Premier Bank as chairman for 26 years, HBM Iqbal stepped down in January this year from the private commercial bank he co-founded in 1999.

Imran Iqbal was made chairman of the bank after his father left the post.