Padma Bank MD Tarek Reaz resigns, set to join NRB Bank
"I have resigned as the Padma Bank will be merged with Exim Bank. I’m looking to join any new bank,” Reaz said regarding his resignation.
Tarek Reaz Khan, managing director (MD) of Padma Bank, has resigned from his post as the bank is set to merge with Exim Bank Bangladesh.
The banker is now set to join the NRB Bank as its new MD upon the approval of the central bank.
"I have resigned as the Padma Bank will be merged with Exim Bank. I'm looking for new banks to join," Reaz said regarding his resignation.
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The NRB Bank has been run by acting MDs since its MD Mamoon Mahmood Shah resigned in February.
Earlier in September, local media reported that Reaz was set to resign from his post citing personal reasons. But no official announcements were made.
After failing to get back to health with the government's Tk1,700 crore bailout package, scam-hit Padma Bank is set to merge with private commercial bank Exim Bank, in the country's first voluntary merger move, The Business Standard reported on 14 March.
The board of Exim Bank has decided to create a single entity, acquiring Padma Bank, Md Nazrul Islam Mazumder, chairman of Exim Bank, told TBS at the time.
The Bangladesh Bank has appointed auditors to audit these two banks.
Tarek Reaz joined the Padma Bank as its managing director and chief executive officer in March 2022 for a three-year tenure.
Tarek previously served as deputy managing director and COO of Mutual Trust Bank Ltd.
According to the central bank guidelines, bank MDs cannot resign or be sacked out of the blue. Meaning, if an MD wants to quit a bank before his tenure runs out, they will have to provide a reasonable explanation to the relevant committee of the bank.
