BRAC Bank allowed to appoint up to three directors from a single shareholder

BRAC Bank has been granted permission to appoint up to three representative directors on behalf of a single shareholder company, following Bangladesh Bank’s relaxation of a provision of the Bank Company Act, 1991. In a circular issued today (12 October), the central bank said it had relaxed Section 23(1)(kakaka) of the Bank Company Act, 1991, for BRAC Bank under the powers conferred by Section 121 of the same law.

As a result, a shareholder company holding 10% or more, but no more than 50%, of the bank’s shares may appoint up to three representative directors to its board.