BB intervention can save NRB Bank: MD resigns over alleged mysterious loans

 
NRB Bank Managing Director and Chief Executive Officer (CEO) Mamoon Mahmood Shah has resigned citing personal reasons. However, financial sources have reported that Mamoon Mahmood Shah has stepped down being unable to deal with the high magnitude of corruption and irregularities in NRB Bank. Mamoon's tenure was set to end on 2 February but he submitted his resignation to the bank's chairman on 21 January. According to NRB Bank's website, Deputy Managing Director Shakir Amin Chowdhury is currently serving as the acting managing director of the bank.

"I resigned before the end of my tenure due to personal reasons. I did not feel comfortable there, so I decided to step down," Mamoon told journalists on Tuesday (13 February).

Mamoon was appointed as the managing director of the bank in February 2021.  
He joined NRB Bank as additional managing director in 2019. He started his banking career as a probationary officer in IFIC Bank after graduating from the accounting department at Dhaka University.

In a career spanning over 32 years, Mamoon held important positions in various national and multinational banks. He served as Managing Director and CEO of ICB Islamic Bank Limited, GSP Finance Company (Bangladesh) Limited, National Finance Limited. Apart from this, he has worked in various important positions in Eastern Bank, HSBC, Standard Chartered and ANZ Grindlays Bank.

Bangladesh Bank spokesman Mesbaul Haque told The Asian Age that the central bank will look into the allegations about NRB Bank and will take necessary measures.

It may be added that NRB Bank was founded by renowned businessman Iqbal Ahmed Chowdhury who lived in London. Afterwards Iqbal Ahmed Chowdhury withdrew from NRB Bank as the bank started to get inflicted with mysterious loans and shady financial deals.

Mohammed Mahtabur Rahman is currently the Chairman of NRB Bank. Reliable sources have informed that Mohammed Mahtabur Rahman had close ties with Jatiya Party while former President Hussain Muhammad Ershad was in power. Later on, reportedly, Mohammed Mahtabur Rahman kept up intimate alliance with Hawa Bhaban while Bangladesh Nationalist Party (BNP) was in power. 

Economists have commented that only intervention by Bangladesh Bank (BB) can save NRB Bank under these circumstances.