The Bangladesh Bank has dissolved the boards of three private banks – Meghna Bank, NRB Bank and NRBC Bank.

The names of the individuals who will take over these positions have not yet been disclosed.

Arief Hossain Khan, executive director and spokesperson of the Bangladesh Bank, said further details will be shared on Thursday.

He said many of the chairmen and directors of these banks are fugitives. Since the change of government, the central bank has restructured the boards of 14 banks.

The central bank removed the Parvez Tamal-led NRBC Bank board, the Mohammed Mahtabur Rahman-led NRB Bank board and the HN Ashequr Rahman-led Meghna Bank board. The central bank formed new boards of directors for these three lenders.

After the government change, the Bangladesh Bank took significant action by dissolving the boards of 11 banks, including Islami Bank, which is controlled by the S Alam Group, and forming new boards. This is the second time the regulatory authority has intervened in such a manner.

Following the interim government’s assumption of power, several bold measures were taken in the banking sector.

New Governor Dr Ahsan H Mansur began implementing reforms to overhaul the financial sector. As part of these efforts, several banks, including Islami Bank, SIBL and First Security, were freed from the influence of the controversial S Alam Group.

In addition, restrictions on imports were lifted, and stringent monitoring systems were introduced to prevent trade-based money laundering. To control inflation, the policy interest rate was raised, and several other difficult but necessary decisions were made in the past seven months.

These bold actions have helped restore confidence in the banking sector, with the country’s inflation falling to single digits. Governor Mansur is optimistic that the central bank’s ongoing efforts will yield positive results shortly.