Sharif Zahir elected chairman of UCB
The decision was made at a board meeting of the bank held this afternoon (29 August).
Sharif Zahir has been elected as the new chairman of United Commercial Bank PLC (UCB) following several changes in the bank's board of directors.
The decision was made at a board meeting of the bank held this afternoon (29 August).
In addition to Sharif Zahir's appointment, Independent Director Md Shazzad Hossoin has been elected as the vice chairman of the bank.
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Md Tanvir Khan, a young industrial entrepreneur, has been appointed as the executive chairman. Tanvir Khan also serves as the managing director of JK Group of Industries.
Additionally, independent directors Md Yusuf Ali and Obaidur Rahman FCA have been appointed as the chairman of the Risk Management Committee and the Audit Committee, respectively.
The development comes following multiple changes in the UCB board in recent days.
On 27 August, the Bangladesh Bank reconstituted the UCB board.
The newly elected board held its first meeting today.
Zahir, who is also the managing director of Ananta Group, brings extensive experience to his new role, the bank said. The group boasts an annual turnover of $400 million and employs over 31,000 people.
Sharif Zahir holds a BSc degree in Economics and Finance from the University of Texas at Austin and is an esteemed alumni of St Francis Xavier's Greenherald International School in Dhaka.
During the meeting, new chairman Sharif Zahir said, "We must acknowledge the serious challenges that have recently come to light. The looting of the bank by members of the Board of Directors during the time period October 2018 to August 2024 is a severe breach of trust, one that has shaken the foundation of this institution."
"In our recent meeting with the governor of Bangladesh Bank and senior management, we made a solemn pledge to work together to uncover the wrongdoings and to bring back the money that was illicitly transferred abroad. We discussed innovative strategies to identify and reclaim the assets purchased abroad, ensuring that the depositors of UCB and other banks are made whole. Moreover, we will closely examine our capital adequacy, gain a true picture of our non-performing loans [NPL], and work in collaboration with Bangladesh Bank to ensure the financial stability of UCB."
"As part of this commitment, we will immediately begin a forensic audit to identify and rectify the misappropriations and irregularities that have occurred. Additionally, we will present a comprehensive roadmap to Bangladesh Bank, detailing how we intend to restore the bank to its former strength with good management, transparency, and accountability," he added.
He further said, "To the management and all employees of UCB, my message is clear – continue to operate business as usual. Your duties are distinct from the actions of the Board, and you should carry out your responsibilities without fear, provided you have acted with integrity. Together, we will work to make UCB great again, restoring it to its rightful position as the leading private bank in Bangladesh. Let us build a bank that is not only financially strong but also a model of integrity and respect in the banking sector."
