Premier Bank has appointed a new Board of Directors, following a major restructuring by Bangladesh Bank aimed at addressing governance shortcomings and restoring depositor confidence. The central bank dissolved the previous board between August 19–21, 2025, under the Bank Companies Act, 1991, citing poor loan management, weak policy enforcement, and systemic failures.
At the helm of the reconstituted Premier Bank Board of Directors is Dr. Arifur Rahman, the Honourable Chairman. A graduate of Dhaka Medical College, Dr. Rahman brings over 40 years of experience as a physician, entrepreneur, and advisor. He previously served as a trusted physician and Captain in the Saudi National Guard Military Services, while also playing a crucial role in promoting Bangladeshi human resources abroad, helping create employment opportunities for more than 1.5 million workers. His contributions were highlighted in a 2004 UNDP report.
Dr. Rahman has a diverse background spanning healthcare, business, and philanthropy. He founded Samorita Hospital, The Shoes BD Ltd, Denim Polymer Industries Ltd, and Always On Network Bangladesh. He also chairs the International Institute of Global Studies (IIGS) and the Society for People’s Advancement (SPA). In humanitarian efforts, he mobilized SAR 230 million from the Saudi government for cyclone shelters in Barishal and partnered on Bangladesh’s first government-approved nasal COVID-19 vaccine trial. His vision for Premier Bank is to position it as a “Three C Bank”—Consumer, Corporate, and Conservative—focused on service, sustainability, and growth.
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The new Board of Directors includes several independent professionals:
- Syed Faridul Islam, Independent Director and Chairman of the Executive Committee. He is a former Additional Managing Director of United Commercial Bank, with extensive experience in executive decision-making and operational strategy.
- Md. Sazzad Hossain, Independent Director and Chairman of the Risk Management Committee. A former Deputy Managing Director of Bank Asia, he will oversee risk controls to safeguard the bank’s financial stability.
- Md. Forkan Hossain, Independent Director and Chairman of the Audit Committee. He previously served as Executive Director of Bangladesh Bank, bringing expertise in regulatory oversight, auditing, and compliance.
- Md. Sheikh Morshed Jahan, Independent Director. A Professor at the Institute of Business Administration (IBA), University of Dhaka, he contributes academic insight to strategic planning and policy development.
- M Nurul Alam FCS, CCEP-I, CGIA, Independent Director. A governance and compliance professional with international credentials, he strengthens the board’s ethical and internal audit framework.
The reconstitution of the Premier Bank Board of Directors follows the end of a 26-year period of control by the family of Awami League leader HBM Iqbal. Iqbal, a former Member of Parliament, stepped down as chairman in January 2025 due to health reasons, passing the role to his son, Mohammad Imran Iqbal. However, concerns over continued family dominance led to Bangladesh Bank’s intervention, part of a wider reform initiative that has reshaped the leadership of 15 banks since August 15, 2025. The move is intended to restore governance discipline, address financial irregularities, and rebuild public trust in Premier Bank.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.