Heads of Sonali Bank, IDRA, and SBC resign citing personal reasons

Sadharan Bima, Sonali Bank, IDRA logos

Dhaka, Mar 2 -In a significant shake-up of the financial sector, the heads of three major state-linked financial institutions—Sonali Bank, Insurance Development and Regulatory Authority (IDRA), and Shadharan Bima Corporation (SBC)—resigned from their respective posts on Monday.

The outgoing officials are Sonali Bank Chairman Mohammad Muslim Chowdhury, IDRA Chairman M. Aslam Alam, and Shadharan Bima Corporation Chairman Mohammad Jainul Bari. All three submitted their resignation letters to the Secretary of the Financial Institutions Division (FID), citing "personal reasons" for their departures.

Sonali Bank Chairman steps down

Mohammad Muslim Chowdhury, a former Comptroller and Auditor General (CAG) and Finance Secretary, resigned. Following the fall of the Awami League government on August 5, 2024, the interim government appointed him as the Chairman of the country’s largest state-owned commercial bank on August 28.

IDRA Chief Exits

Simultaneously, M. Aslam Alam, Chairman of the insurance regulator IDRA, submitted his resignation to FID Secretary Nazma Mobarek. Alam, a former Senior Secretary, had been entrusted with the leadership of the insurance sector in September 2024 by the interim government following the mass student-led uprising.

SBC Chairman confirms departure

In a separate development, Mohammad Jainul Bari, Chairman of the state-owned Shadharan Bima Corporation, confirmed his resignation on Monday. Speaking to reporters, Bari stated that he decided to step down due to personal circumstances.

The Financial Institutions Division has received the letters and is reportedly in the process of taking the necessary steps to fill the vacancies.

The simultaneous resignations of these key figures come at a time when the interim government is working to bring reforms to the banking and insurance sectors to ensure transparency and accountability. - UNB