B Mirror Report: Tussle with Bangladesh Bank officials forced Selim RF Hossain, Managing Director of the leading private bank Brac Bank to resign. Selim RF Hossain, Managing Director of the leading private bank Brac bank has resigned On Tuesday. The sudden resignation raised question among stakeholders what happened behind it.
Sources said after the fall of the Awami League government, Selim RF Hossain spoke against Bangladesh Bank officials at an event. After that, his relationship with the central bank deteriorated, which affected the management of BRAC Bank.
In addition to freezing various files of the bank, the central bank started intensifying inspection activities. In addition, even after becoming the chairman of ABB, Bangladesh Bank avoided him at various events in the banking sector. He also had a disagreement with a director of the bank’s board of directors. He was also angry that a director regularly worked at the bank. As a result, Selim RF Hossain resigned yesterday.
Mr Selim was also the chairman of the Association of Bankers, Bangladesh (ABB), he used to maintain contact with the government and Bangladesh Bank on various policy-making issues of the banks.
Selim RF Hossain has taken BRAC Bank to unique heights. In addition, BRAC Bank has reached the top in various services including corporate banking. As a result, BRAC Bank has become the country’s top profit-making bank. It is truly sad that a banker like him with a personality like his did not end naturally at BRAC Bank.
Selim RF Hossain took over the leadership of BRAC Bank as MD in November 2015. He was the MD of financial institution IDLC Finance for the previous six years. After several extensions of his tenure at BRAC Bank, he was supposed to leave in March next year.
It is known from various levels of BRAC Bank that after the fall of the Awami League government, he spoke against Bangladesh Bank officials at an event. After that, his relationship with the central bank deteriorated, which affected the management of BRAC Bank. In addition to freezing various files of the bank, the central bank started intensifying inspection activities. In addition, even after becoming the chairman of ABB, Bangladesh Bank avoided him at various events in the banking sector. He also had a disagreement with a director of the bank’s board of directors. He was also angry that a director regularly worked at the bank. As a result, Selim RF Hossain resigned yesterday.
It is learned that he will leave for Canada on Wednesday to attend his only son’s university graduation ceremony. He said that he has not yet decided when he will return.
In a letter to the bank’s employees, he wrote yesterday, “All good things come to an end and this also applies to my time at BRAC Bank. I have submitted my resignation to the chairman and board of directors. Naturally, there are some organizational and central bank formalities. However, I assume that these will not be a problem and today is my last day at the bank.”
Selim RF Hossain also wrote in the letter, “It was a great opportunity for me to work with you for almost 10 years, when together we created a wonderful institution and a role model for the banking industry. I am confident that BRAC Bank will grow to be more relevant to our economy and society at large, and that each of you will prosper in your personal and professional lives in the years to come.’
Meanwhile, the bank’s chairman, Mehriyar M. Hassan, also wrote a letter to the staff, stating that he has appointed the bank’s additional managing director, Tarek Refat Ullah Khan, as acting managing director.
