ICB gets new MD
The government has appointed Niranjan Chandra Debnath as the new managing director of the Investment Corporation of Bangladesh (ICB), a state-owned investment firm that plays a key role in the country's capital market.
He replaces Md Abul Hossain, who has retired from the position.
The Financial Institutions Division (FID) issued a notification on Tuesday confirming his appointment. Currently, Niranjan is serving as the MD of Rajshahi Krishi Unnayan Bank (Rakub).
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According to RAKUB records, he joined the bank on 10 May 2023. Before that, he held prominent positions in two of the country's leading state-owned banks. He served as deputy managing director at both Sonali Bank and BASIC Bank, where he also worked as chief financial officer (CFO).
Debnath began his banking career in 1997 as an assistant manager at BASIC Bank. Over his extensive career, he has worked in various capacities across different branches and divisions at the bank's head office.
He is set to take charge of ICB at a challenging time, as the corporation faces significant financial losses due to the downturn in the capital market.
During the first half of the current fiscal year (July to December 2024), ICB incurred a loss of Tk117.55 crore, an improvement from the Tk211.33 crore loss recorded in the same period of the previous fiscal year.
However, in the second quarter (October to December 2024), it reported a loss of Tk42.26 crore, whereas in the same period of the previous year, it had recorded a profit of Tk25.19 crore.
