The government has appointed new managing directors (MDs) to three state-owned banks—Janata Bank, Agrani Bank and BASIC Bank. The appointments were announced through separate notifications issued by the Financial Institutions Division of the Ministry of Finance on Monday (October 26).

According to the notifications signed by Afrozza Akter, deputy secretary of the Financial Institutions Division, Md Mahbub Alam has been appointed managing director of Janata Bank, Nur Mohammad of Agrani Bank, and Md Nurul Huda of BASIC Bank. Each appointment is for a three-year term.

According to relevant sources, Md Mahbub Alam previously served as additional director and chief risk officer at private-sector Southeast Bank PLC.

Meanwhile, Md Nurul Huda, the newly appointed MD of BASIC Bank, is currently serving as deputy managing director of Janata Bank. While a former private-sector banking official has been appointed to lead Janata Bank, BASIC Bank will be headed by a senior official from a state-owned bank.

Nur Mohammad, who has been appointed managing director of Agrani Bank PLC, previously served as deputy managing director of Jamuna Bank.

The notifications also requested the relevant authorities to take the necessary subsequent measures regarding the appointments in accordance with the Bank Company Act, 1999.

The appointments come amid ongoing changes in the top management of state-owned banks. The Financial Institutions Division had previously undertaken various initiatives concerning appointments to managing director positions at government-owned banks and a review of contractual terms.

With these latest appointments, Janata Bank, Agrani Bank and BASIC Bank are set to come under new leadership at the highest level of management.