NRB Bank Founder Iqbal Ahmed returns to steer revival, vows to reclaim legacy

Iqbal Ahmed, the British-Bangladeshi entrepreneur who founded NRB Bank Plc, has been reappointed as its chairman nearly nine years after stepping down, tasked with reviving the institution's original mission and restoring its competitive edge.

The move follows a nod from the Bangladesh Bank after the political changeover last August, signalling a strategic reset for the bank, which has lagged behind peers in performance and governance.

Iqbal, a Sylhet-born magnate awarded an OBE for services to international trade, conceived NRB Bank in 2013 as a financial bridge linking Non-Resident Bangladeshis (NRBs) to their homeland.

In an exclusive interview with The Business Standard, he reaffirmed his vision: "Our purpose was to channel remittances and overseas investments into productive sectors, foster financial inclusion, and contribute meaningfully to Bangladesh's economy."

A bank adrift

Despite its early promise, the NRB Bank faltered under subsequent leadership. Iqbal cited "inconsistent leadership, weak risk management, and a deviation from our core customer base" as key reasons for its decline. Governance gaps and compliance failures further eroded stakeholder trust, leaving the bank trailing behind most of its fourth-generation peers.

"The previous board created a gap between the bank's objectives and its achievements," Ahmed admitted, acknowledging struggles with execution and innovation.

Yet, he framed the challenges as an opportunity. "We're reassessing, recalibrating, and returning to our original mission with renewed urgency."

Why did he leave, and why is he back

Ahmed stepped down as chairman in 2016, believing the bank was "mature enough" to thrive under new leadership. However, his recent return, he said, answers a "call to service" amid pressing needs for stronger governance. 

"Transparency, accountability, and performance will be key," he emphasised, outlining plans to modernise digital infrastructure, tighten compliance, and re-engage the global NRB community through tailored services in multiple currencies.

Roadmap to recovery

Central to Iqbal's strategy is reconnecting with the NRBs, urging them to "integrate, bring remittances, open accounts, and utilise the bank's offerings globally." 

He also pledged to overhaul corporate culture, invest in staff training, and align operations with the bank's founding values of transparency and customer-centricity.

Challenges remain, including resistance to change, legacy issues, and rebuilding ethical governance. "With Bangladesh Bank's support and stakeholder unity, we'll overcome these," Iqbal said.

A legacy of leadership beyond banking

Iqbal Ahmed's credentials extend beyond finance. As CEO of the UK's Seamark Group — a Queen's Award-winning export giant — and head of Bangladesh's seafood exporter Seamark BD, he has long championed cross-border trade. 

His philanthropic arm, the Iqbal Bros Foundation, supports education through scholarships at Cambridge University and Manchester Metropolitan University, targeting underprivileged students.

A fixture in transnational business circles, Ahmed chairs the UK Bangladesh Catalysts of Commerce & Industry (UKBCCI) and advises governments in both countries.

Stakeholder confidence in focus

To regain trust, the NRB Bank is bolstering internal controls, revamping audits, and improving stakeholder communication. "We'll lead by example and deliver measurable results," Ahmed vowed, underscoring his commitment to "sustainable growth" in a competitive landscape.

As Ahmed takes the helm anew, the banking sector watches closely to see if his blend of nostalgia and reform can reignite NRB Bank's stalled ambitions.