The central bank is reorganizing the boards of several banks to restore order in the financial sector, having already reconstituted the boards of seven banks, including Islami Bank Bangladesh and Union Bank. Recently, Mercantile Bank’s board has faced turmoil, with a conflict arising over the chairman’s position after the resignation of a former chairman on August 28. The board has called a secret meeting to address the issue, excluding the vice chairman and some directors currently abroad. The turmoil stems from internal political conflicts, with the bank’s management, historically linked to Awami League politics, experiencing instability. Mercantile Bank operates with 152 branches, 42 sub-branches, 197 ATMs, and 187 agent outlets. The central bank’s restructuring efforts aim to address irregularities in the sector.
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