Bangladesh Bank Headquarters
Dhaka, Bangladesh (BBN) -The central bank of Bangladesh has introduced a policy on appointment of chief financial officer (CFO) and chief information technology officer (CITO) of the banks to ensure good governance in the country’s banking system.
Minimum 12 years of working experience in banks or financial institutions (FIs), including three years in banking accounting and taxation, will be required for a person’s appointment of or posting to the post of CFO, according to the new policy, issued by the Bangladesh Bank (BB) on Sunday.
On the other hand, minimum 12 years of working experience in information technology, of which five years experience in banks and FIs, will be needed for appointment of or posting to the post of CITO.
All the scheduled banks have also been asked to comply with the new regulations by December 31, 2018, if any deviation is found in educational qualification and experience of their existing CFOs and CITOs.
Talking to the BBN, a senior BB official said the central bank has introduced the regulations in line with the recommendations of Basel Committee on Bank Supervision in order to minimise risks in the banking system.
He also said the hiring of chief risk officer (CRO) and company secretary of the banks may also come under such regulations in future on the same ground.
The central bank of Bangladesh earlier introduced a set of regulations on appointment of the banks’ directors, managing directors (MDs) and chief executive officer (CEOs), advisors and consultants to ensure good governance in the banking system.
BBN/SSR/AD