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Rupali Bank to appoint a chief executive officer in the bank
following instruction of World Bank, official sources said. 'We
will place a proposal before the finance minister for his approval
for bringing amendment to the memorandum of association of Rupali
Bank for appointment of a CEO in the bank,' said a senior official of
finance ministry. According to the Article 158 of the memorandum
of association of Rupali Bank, the board of directors of the bank
cannot appoint a CEO and general managers, he said, adding that' s
why the provision was needed to be amended for appointing the CEO by
the board. The WB, in its recent aide-memoire under the enterprise
growth and banking modernisation project, instructed the government
to amend the memorandum of association of Rupali Bank for
appointment of a CEO and four general managers in the bank. It
also instructed the government to provide Rupali Bank with management
support by appointing a CEO and four general managers in the key
areas of operation as soon as possible as its current state of affairs
was of grave concern. The major activities of Rupali Bank remain
suspended for about two-and-a-half-year, and its financial condition
and operational competence also deteriorated considerably. The WB
mission visited Bangladesh in June to evaluate the performance of
four state-owned commercial banks — Sonali, Rupali, Agrani and
Janata. Meanwhile, the Rupali Bank had passed a resolution at an
emergency general meeting in October last empowering its board of
directors to appoint a CEO. The finance ministry, however, did not
accept the resolution.
