The new board of directors of National Bank has announced its withdrawal from the merger process that had it hitched for a takeover by the United Commercial Bank (UCBL).

The board of directors said that they want to be strong on their own rather than merging with any other bank.

Khalilur Rahman, chairman of the new board of directors, said this at a press conference held at the bank's head office on Monday. Other members of the new board of directors were present.
Earlier, on Sunday (May 5), Bangladesh Bank (BB) dissolved the board of directors of the private sector National Bank, just four and a half months after being appointed.

On the recommendation of the Bangladesh Securities and Exchange Commission (BSEC) on December 21 last year, the central bank dissolved the board of the bank and later put a new board in place. 

Meanwhile on April 9, a decision was taken at a meeting between NBL and UCBL officials that was chaired by the Bangladesh Bank governor.

Last week however, the now dissolved NBL board issued a statement that they were against the merger.  

The BB dissolved that board and formed a new board on Sunday.

Interestingly, the new board's position on the issue of merging with UCBL mirrors that of the dissolved board. 

In today's press conference, the new board stated that they are determined to work tirelessly with new management to ensure good governance and gain customers’ trust.

The board will work to bring back the lost tradition and glory of the National Bank by ensuring development in various indicators.

Chairman of the new board Khalilur Rahman said, “We understand the needs of businessmen. As a result, we are committed to making National Bank a business-friendly bank by taking timely decisions for businessmen and standing by them.”

“We strongly believe that through this practice, the National Bank will turn around and regain its lost history,” he said.