Basic Bank Got new Chairman A lauddin A Majid as the new chairman of the Basic Bank, nationalized specialized bank.
The government dissolved the board of directors of the state-owned BASIC Bank on Sunday — a day after its chairman Sheikh Abdul Hye Bacchu resigned.
The Bank and Financial Institutions Division of the Ministry of Finance issued three separate gazette notifications to this effect on Sunday. The board of directors of the BASIC Bank was dissolved as per the Section 46 of the Bank Company Act-1991.
Outgoing BASIC Bank chairman Sheikh Abdul Hye submitted his resignation letter to Finance Minister AMA Muhith at the minister’s residence on Friday. Established in 1989, BASIC was one of the best-run government banks until 2009, when the government appointed Abdul Hye as the chairman.
The government appointed Abdul Hye as the chairman of the BASIC Bank in September 2009 on contractual basis for three years. Later his tenure was extended by two years in September 2012. Following the extension of his appointment, the bank`s performance started eroding.