Padma Bank MD resigns

Tarek Reaz Khan, managing director and CEO of problematic Padma Bank, has resigned from his post as the lender is going to merge with the Shariah-based Exim Bank.

"I resigned from the post on March 18 and my resignation was made effective on that day," Tarek Reaz Khan told The Daily Star today.

"After my resignation from Padma Bank, NRB Bank selected me as managing director."

Exim Bank and Padma Bank signed a memorandum of understanding on March 18 to begin the process of merger at the central bank headquarters in Dhaka.

This was the first voluntary merger decision in the country.