Social Islami Bank sponsor-director Md Rezaul Haque resigned on Sunday, after blaming independent directors-led board of the bank for the failure to revive the bank despite central bank鈥檚 liquidity support.
In his resignation letter to the chairman, Rezaul wrote that the bank failed to recover in more than a year even after receiving liquidity support from Bangladesh Bank as the newly formed board consisted of independent directors who had no connection with the bank鈥檚 past, present, or future.
He argued that had the responsibility been provided to the original sponsor-directors, the bank鈥檚 condition would have improved significantly.
鈥楾he chairman and management must take full responsibility for the failure, as the independent directors have done nothing effective in the past year except routine office work and drawing salaries,鈥� he said.
Rezaul also blamed the previous ownership under S Alam Group, which forcibly took control of the bank in 2017. He said widespread irregularities during that period pushed the bank close to collapse until the fall of the Awami League government in August 2024.
Following the political change, sponsors and shareholders had expected Bangladesh Bank to return control to the original owners after removing S Alam-linked directors.
Instead, the central bank formed a board with independent directors, which Rezaul described as an ineffective decision.
He added that independent directors even attended merger-related hearings without informing him, despite his position as a sponsor-director.
Citing uncertainty among depositors, employees, and shareholders, Rezaul said he was stepping down 鈥榳ith deep sorrow鈥�.
He had served as SIBL鈥檚 chairman from 2006 to 2017 and was reappointed as a director by Bangladesh Bank in August 2024.
