Daraz Group Appoints New MD for Bangladesh

Dr. Md. Zahid Hossain has been appointed as the deputy managing director and chief business officer of Mercantile Bank. He previously served as the senior executive vice president and divisional head at Bank Asia, with over 29 years of experience in the banking sector.

AKM Abdul Alim, a prominent entrepreneur from a distinguished business family, has been unanimously elected vice chairman of Standard Bank PLC at its 404th Board of Directors meeting. As a member of the Audit Committee and observer of the Shariah Supervisory Committee, he brings extensive expertise in international business and supply chain management.

Syed Manzur Elahi, a distinguished industrialist and founding Chairman of Mutual Trust Bank PLC (MTB) and Pioneer Insurance Company Limited, has been elected Chairman of MTB. Renowned for his contributions to trade and industry, Elahi received accolades such as AMCHAM’s “Business Executive of the Year 2000” and the Daily Star-DHL “Business Person of the Year 2002.”

Robi Axiata has appointed M Riyaaz Rasheed, the current CFO, as acting CEO following Rajeev Sethi's move to a new role within the Axiata Group. Rasheed's appointment will take effect on February 1, 2025. Sethi had been CEO since October 2022, succeeding Rasheed, who had served as acting CEO since August 2021. Sethi brought extensive experience, having previously led Myanmar's Ooredoo and Grameenphone.

Mesbah Uddin Ahmed has been appointed as the managing director of IDLC Investments Limited, effective immediately. With over 29 years of corporate experience, including 25 years in banking, Ahmed has held various leadership roles, most recently as deputy managing director and head of retail business at IDLC Finance PLC. He has been with IDLC since 2010, where he made significant contributions, particularly in structured finance and corporate affairs for the Dhaka region.

First Security Islami Bank (FSIB) has terminated Deputy Managing Director Md Akmal Hossain due to alleged irregularities during his tenure at Social Islami Bank Limited (SIBL). The dismissal letter, signed by FSIB's Managing Director Syed Waseque Md Ali, cited official communication from SIBL confirming Hossain's discharge on December 19.