Why did BRAC Bank MD Selim RF Hussain resign?
Selim RF Hussain, managing director (MD) of BRAC Bank, the country’s leading banks, has resigned. He submitted his resignation letter to the bank’s board of directors on Tuesday, and the board accepted it.
His term was supposed to end in March 2026, when he would turn 65, but questions arose now as to why he resigned suddenly before his term ended.
The long career of this top banker did not end in a usual way. Selim RF Hussain was also the chairman of Association of Bankers, Bangladesh (ABB), thus, he maintained communication with the government and the Bangladesh Bank regarding various policy matters related to the banking sector.
Prothom Alo spoke to five current and former managing directors over the resignation of Selim RF Hussain, but they spoke on condition of anonymity.
They said Selim RF Hussain had taken BRAC Bank to exceptional heights. Besides, BRAC Bank reached its peak in various services including corporate banking, thus, becoming the most profitable bank in the country.
According to them, it is saddening that the career of such a capable and dignified banker did not end in a usual way. Had his career ended naturally, he could have had the opportunity to contribute more to the banking sector.
Selim RF Hussain became the MD of BRAC Bank in November 2015 after serving as MD of the financial institution IDLC Finance for six years. After several term extensions at BRAC Bank, he was supposed to leave in March next year.
It has been learnt after speaking to sources at various levels of BRAC Bank, Selim RF Hussain spoke against the officials of the Bangladesh Bank at an event after the fall of the Awami League government.
Since then, his relationship with the central bank deteriorated and that affects BRAC Bank’s operations. Bangladesh Bank started increasing inspections and holding back various files.
Bangladesh Bank also avoided him at various banking sector events despite him being the chairman of ABB.
Besides, he had disagreements with a board member of the bank. He was also unhappy that one of the directors joins the bank’s office regularly. Eventually, Selim RF Hussain resigned yesterday.
When asked, Selim RF Hussain told Prothom Alo, “I resigned voluntarily. The reason of the resignation is entirely personal. I am not joining anywhere at the moment. I will take some time off.”
It is learned that he is traveling to Canada today, Wednesday, to attend the graduation ceremony of his only son. He said he has not yet decided on his return.
In a letter to the bank’s employees on Tuesday, Selim RF Hussain wrote: “All good things have an ending, and the same applies to my time at BRAC Bank. I have submitted my resignation to the chairman and the board of directors. Normally, there are some organisational and central bank formalities. However, I assume those will not be a problem, and today is my last day at the bank.”
He further wrote, “It was a wonderful opportunity for me to work with you for nearly 10 years, when we altogether built an extraordinary institution and a role model for the banking industry. I am confident that BRAC Bank will grow to become more relevant to our economy and society, and that all of you will continue to progress both personally and professionally in the coming years.”
Meanwhile, BRAC Bank’s chairman Meheriar M Hasan sent a letter to the employees, saying Tareq Refat Ullah Khan, additional MD and Head of Corporate & Institutional Banking Division, has been appointed as the acting MD.