UCB Reportedly Forces Resignation of 40 Senior Officials Amid Board Reshuffle1 min read

United Commercial Bank (UCB) has compelled 40 officials, including an Additional Managing Director (AMD), a Deputy Managing Director (DMD), and five General Managers, to resign. The bank’s management requested their resignations last Thursday.

Additionally, around 150 more officials have been identified as potential candidates for resignation or termination, according to anonymous sources within the bank, as reported by The Daily Star.

Following the fall of the Sheikh Hasina-led government last August, Bangladesh Bank dissolved UCB’s board of directors, previously influenced by former land minister Saifuzzaman, and established a new board. Insiders indicated that Saifuzzaman allegedly played a significant role in influencing various bank activities, including loan approvals, over the years.

One resigned official disclosed to The Daily Star that the management had issued the resignation request last Thursday with a warning of job termination for non-compliance. The official also noted that the list of forced resignations is expected to grow, even though many of those affected had no involvement in any irregularities.

This ongoing reshuffle marks a significant shift in UCB’s operations as the bank undergoes structural changes.

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