The government has decided to cancel the remaining contractual terms of the managing directors (MDs) of three state-owned commercial banks — Sonali Bank, Janata Bank and Rupali Bank.

The Financial Institutions Division of the Ministry of Finance issued separate letters on Monday, October 19, recommending and approving the termination of the remaining contractual appointments of the three bank chiefs.

The officials affected by the decision are Md Shawkat Ali Khan of Sonali Bank, Md Mazibur Rahman of Janata Bank, and Kazi Md Wahidul Islam of Rupali Bank.

Shawkat Ali Khan was appointed managing director and chief executive officer of Sonali Bank on October 30, 2024, for a three-year term.

Before joining Sonali Bank, he served as managing director of Bangladesh Krishi Bank.

Mazibur Rahman was appointed managing director and CEO of Janata Bank in November 2024.

He had previously served as the bank’s deputy managing director.

Kazi Md Wahidul Islam took charge as managing director of Rupali Bank in December 2024 for a three-year term.

Before his appointment, he served as a deputy managing director of Sonali Bank.

The Financial Institutions Division sent the letters to the chairmen of the respective banks, asking them to take the necessary steps in accordance with the Bank Company Act and the terms of the contractual appointments.

Janata Bank Chairman Fazlur Rahman confirmed that he had received the letter concerning Mazibur Rahman’s appointment.

Earlier, the government cancelled the remaining contractual terms of the managing directors of Agrani Bank and BASIC Bank. With the latest decision, the managing director positions at five state-owned commercial banks have become vacant.

The latest move marks another change in the top management of state-owned banks.

However, the letters did not specify the reasons for terminating the contracts or announce any replacements for the outgoing officials.