The National Bank Ltd (NBL) yesterday appointed Abdul Awal Mintoo, a prominent businessman and vice-chairman of the Bangladesh Nationalist Party, as the chairman of its board of directors. This move comes just two days after the Bangladesh Bank dissolved the previous board to safeguard depositors’ interests.

This is the third time since December 2023 that the troubled bank has had to reconstitute its board. The new board comprises three directors and four independent directors. Moazzam Hossain, another sponsor director, was elected vice-chairman of the board.

The recent dissolution of the board led to the S Alam Group and its associates losing control of the bank. The NBL has been struggling with significant losses due to a high volume of default loans, with losses totaling Tk 1,497 crore in 2023.

Mintoo, a former president of the Federation of Bangladesh Chambers of Commerce and Industry, also chairs several companies, including Lal Teer Seed Ltd and Pragati Life Insurance Ltd. Hossain, founder of the Hosaf Group, previously served as chairman of the NBL.