Arif Quadri resigns as UCB managing director

Arif Quadri, managing director and CEO of United Commercial Bank (UCB), formally resigned from his post today.

In his place, Syed Faridul Islam, additional managing director of the private commercial bank, was given the responsibility of managing director (in charge).

Officials of the bank said that Quadri is now staying in Canada.

The board of directors of the bank accepted the resignation letter in a meeting today, UCB Chairman Sharif Zahir told The Daily Star.

In December 2021, Quadri was appointed as managing director and CEO of UCB.

He did not respond to the phone call on Wednesday. A day later, he told The Daily Star that he was present at his office till August 14.

"I proceeded on leave from August 15 duly approved by the bank board and the Bangladesh Bank."

On August 28, the central bank dissolved the bank's 18-member board, which was heavily dominated by the family of former land minister Saifuzzaman Chowdhury Javed. The previous board included Javed's sister Roxana Zaman Chaudhury, and relatives Anisuzzaman Chowdhury and Asifuzzaman Chowdhury.

The central bank then constituted a five-member board for the bank, comprising two shareholder directors and three independent directors.

Sharif Zahir, chairman of National Finance, was made a shareholder director. Zahir is also the managing director of Ananta Group and a former vice-chairman of UCB.