NBFI chairs get more time to quit subsidiaries

The chairmen of the boards of non-bank financial institutions and their executive, audit and risk management committees who hold a directorial position in associated subsidiaries or foundations have been allowed to serve the latter until December. 

The Bangladesh Bank issued a notice to this effect yesterday.

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Last month, the central bank had instructed the chairmen of the board and various other committees of banks and NBFIs to resign from the board or committees of subsidiaries and foundations or secure exemption by June 30 this year.

Later, the BB softened its stance amid pressure from the influential directors of banks and permitted them on June 1 to hold the post till June next year.

It came after banks informed the central bank that it would be difficult to run the subsidiaries and foundations due to a lack of a skilled workforce.