Dhaka, Bangladesh (BBN)– Three new directors have been appointed at AB Bank Limited board aiming to bring dynamism in its business in the near future.

The decision was taken at its annual general meeting (AGM), held in the capital on Thursday, according to a statement.

The newly-appointed directors of the private commercial bank (PCB) are – Moshtaque Ahmed Chowdhury, Shajir Ahmed and Shireen Scheik Mainuddin, it added.

On the other hand, M Wahidul Haque, outgoing chairman of the bank, Salim Ahmed, outgoing vice-chairman, and Faheemul Huq, an outgoing director, went to retirement after completing their tenures in line with the existing Banking Companies Act, according to Mahadev Sarker Sumon, company secretary of the PCB.

“It’s not a matter of resignation. Directorship of any bank automatically comes to an end after completing two consecutive tenures,” said Mr Mahadev explained.

He also said new chairman and vice-chairman of the bank will be elected in the next board meeting. “It will be held after receiving no-objection certificates about the newly-appointed directors from the Bangladesh Bank (BB).”

The latest change came at the first-generation PCB against the backdrop of alleged involvement of some of its high-ups in laundering around BDT 1.65 billion.

Currently, Anti-Corruption Commission (ACC) is probing the money laundering allegation against the bank’s suspected officials, according to an ACC official.

Net Asset Value (NAV) of the AB Bank stood at BDT 23.11 billion in 2016. Total Asset of the PCB stood at BDT 314.84 billion reflecting a growth of 10 per cent over last year, according to the statement.

The AGM also approved 12.50 per cent stock dividend for the year ended 2016.

BBN/SSR/AD