IFIC Bank’s former Managing Director, Shah Alam Sarwar, has been removed from his advisory post by Bangladesh Bank, which revoked his appointment last Wednesday. Despite the rule prohibiting former MDs from becoming advisors to the same bank within five years of retirement, Sarwar was appointed as a strategic advisor on May 11, immediately after his term ended. His advisory role, which began on May 26 with a monthly salary of around 1.5 million Taka, was canceled following the recent government change on August 5. The appointment had previously been approved under special powers but was later withdrawn as the new governor took office. This decision also followed the arrest of the bank’s chairman and the removal of his son from the directorship. The central bank’s 2021 notification stipulates that MDs and the two positions below them cannot be advisors in their respective banks for five years after retirement.
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