Bangladesh Bank has dissolved the board of National Bank after receiving a recommendation from the Bangladesh Securities and Exchange Commission (BSEC).

Today, the central bank issued an order to dissolve the existing board of the bank and formed a new board.

BB Spokesperson Md Mezbaul Haque confirmed the news saying the National Bank board has been dissolved in order to bring good governance in the bank.

The central bank's move come after Parveen Haque Sikder, a director of the commercial bank, wrote to the BSEC as she fears that the existing board may manipulate the next election of the bank's board of directors.

Syed Ferhat Anwar, a former of professor of the Institute of Business Administration under Dhaka University, is new chairman of the bank.

Other new board members are: Md Sirajul Islam, a former executive director of Bangladesh Bank; M Kamal Hossain, former managing director of Southeast Bank; Parveen Haque Sikder, a director of the dissolved National Bank board; Khalilur Rahman, a sponsor director of the dissolved board; Moazzem Hossain, another sponsor director, and Md Shafiqur Rahman, nominated director of the bank from Sikder Insurance Company.

Zakaria Taher along with Parveen Haque Sikder's mother Monowara Sikder, brothers Rick Haque Sikder and Ron Haque Sikder have been excluded from the board who were shareholder directors.

Two independent directors—Md Naimuzzaman Bhuiyan Mukta and Murshid Kuli Khan—were also excluded.