Farmers Bank Chairman MK Alamgir and audit committee chairman Chisty steps down

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Desk report, November 28: Dr Muhiuddin Khan Alamgir has resigned as the chairman of the Board of Directors and Executive Committee of The Farmers Bank Ltd.

At the same time, bank’s Audit Committee Chairman Mahbubul Haque Chisty has also resigned.

The resignation came amid a liquidity crisis and a fall in the financial indexes of the bank over the last few days, said a Bangladesh Bank press release on Monday.

It said The Farmers Bank’s crisis has deepened as a number of clients tried to withdraw their deposits.

“Necessary regulatory steps have been taken after the matter came to Bangladesh Bank’s notice.  Chairman of the Board of Directors and Executive Committee of the bank Dr Muhiuddin Khan Alamgir and Audit Committee Chairman Mahbubul Haque Chisty have already resigned and their resignation has been accepted by the Board of Directors,” the release said.

It also said the new chairman of the Board of Directors and vice-chairmen have been elected and the Executive Committee, Audit Committee and Risk Management Committee have been reconstituted.

Besides, action has been taken against the Farmers Bank Managing Director for his failure to discharge the duty properly and violating the Bangladesh Bank directives, the release added.