NRBC Commercial Bank today restructured its board of directors in a move to restore corporate governance and depositors’ confidence.

The new board, headed by Tamal SM Parvez, also sent the bank’s Managing Director Dewan Mujibur Rahman for three-month leave.

Mohammad Shahid Islam has been made its vice chairman replacing Toufique Rahman Chowdhury.

The bank took the decision in an emergency board meeting held at its headquarters in Dhaka this evening, Parvez told The Daily Star.

He said that the restructuring process has been completed upon a mutual understanding of all directors including former chairman Farasath Ali.

Abu Bakr Chowdhury, Rafiqul Islam Mia Arzoo and Adnan Imam have also been made as the new chairmen of executive, audit and risk management committees.

The board also took a decision to appoint its deputy managing director Kazi Md Talha as the managing director (current-charge).

Parvez said, “Farasath Ali has tried to restore the bank’s image but failed. He thought that he is responsible partially for the bank’s image crisis. So, the former chairman resigned from his post in the best interest of the bank”.

Earlier in last week, Bangladesh Bank verbally asked the NRBC Bank to restructure its board through a discussion among the directors, otherwise the central bank would intervene to reshuffle the board, a number of central bank officials told The Daily Star requesting not be named.

The Farmers Bank, another fourth generation bank which plunged into the massive financial scams, was forced restructuring its board on November 27 due to the central bank’s intervention.