Private-Sector Bankers Tapped to Lead Janata and Agrani Banks

Bangladeshi Talents · 26 October 2026 · 3 min read

The government has appointed new managing directors (MDs) at several state-owned commercial banks, and two of them come from the private sector. On 26 October 2026 the Financial Institutions Division (FID) of the Ministry of Finance sent four letters that made these changes:

Janata Bank: Md Mahbub Alam, previously additional managing director and chief risk officer of Southeast Bank
Agrani Bank: Noor Mohammed, previously deputy managing director of Jamuna Bank
BASIC Bank: Md Nurul Huda, previously deputy managing director of Janata Bank
Sonali Bank: MD Md Shawkat Ali Khan reinstated after the government withdrew an earlier order ending his contract. He will serve out his current term, which runs to October 2027.

The three new MDs are on three-year contracts. According to The Daily Star, the last time a private-sector banker was picked to head a state bank was in 2004. The Financial Express went further, saying the government had "possibly for the first time in Bangladesh's history" hired private-sector bankers as managing director-cum-chief executive officer in public banks, so the historical claim differs between outlets.

What made it possible

The appointments followed a policy change issued on 19 October. Candidates for MD or CEO at six state-owned commercial banks (Sonali, Janata, Agrani, Rupali, BDBL and BASIC) need at least 20 years of experience in banks or financial institutions. The rule that they must also have spent two years in the position immediately below MD or CEO, added only in July, can now be waived for candidates with exceptional skills, qualifications and leadership records. On 19 October the FID also ordered the cancellation of the remaining contract terms of the Sonali, Janata and Rupali MDs; it later told Sonali's board, as The Financial Express reported, that the instruction cancelling his remaining tenure "has been withdrawn", and the nominations still require a no-objection from Bangladesh Bank before the boards finalise them.

Why it matters

For bankers, the change opens a route from private banks to the top jobs at state lenders, which hold large amounts of surplus liquidity but mostly have weak balance sheets. FID officials told The Daily Star that the aim is to bring private-sector professionalism and drive to a turnaround. Insiders at public banks see it differently: an anonymous senior public-bank executive told The Financial Express, "We have served the banks for years. Naturally, we expect to become managing director before retirement. But that opportunity is now being taken away."

What to watch next

Who is appointed at Rupali Bank and BDBL, which were not included in the 26 October letters
The new MDs' first moves on bad loans, governance and lending
Whether the private-to-public hiring route becomes normal practice

Sources

Cover photo: Janata Bank Tower and City Centre in Motijheel by Bikrampur / Wikimedia Commons (CC0)