BB drives Nazrul Islam Mazumder out of Exim Bank board

 
Bangladesh Bank (BB) has reorganized the board of directors of EXIM Bank Limited dissolving it and removing its chairman Nazrul Islam Mazumder.
The central bank took the decision for protecting the interests of depositors and the bank.

Three shareholder directors and two independent directors were appointed to the board. A notification was issued in this regard on Thursday.

The new shareholder directors are Md Nazrul Islam Swapan, Md Nurul Amin and Anjan Kumar Saha. They were also board members when Md Nazrul Islam Mazumder was the Chairman.

The two independent directors are SM Rezaul Karim, former executive director of Bangladesh Bank and Khandaker Mamun, FCA a chartered accountant.

The EXIM Bank Limited's chairman will be appointed from the newly appointed five directors.

Nazrul Islam Mazumder had been serving as Chairman at the EXIM Bank board since 2007. At the same time, he has also been serving as the president of Bangladesh Association of Banks (BAB), the banks owners' organization.

Nazrul Islam Mazumder is the founder of Nassa Group, a conglomerate of apparel companies. He is known as the right hand of former Prime Minister Sheikh Hasina for siphoning off unbelievable sums of money from banks and financial institutions.

Nazrul Islam Mazumder came under widespread criticism for handing over 10 to 15 crore taka to Sheikh Hasina extorting those funds from different private banks. Nazrul Islam Mazumder subsequently came under strong criticism holding 'Sheikh Hasina Inter-Bank Football Tournament' on behalf of BAB. Following Sheikh Hasina's downfall on 5 August 2024 Bangladesh Bank froze the bank accounts of Nazrul Islam Mazumder, his wife Nasrin Islam and their children.