Photo : Collected
Bangladesh Bank has appointed a new board for National Bank Limited (NBL) following advice from the capital markets regulator, BSEC. Syed Ferhat Anwar, a renowned educationalist and former professor of Institute of Business Administration at Dhaka University, has been designated as the new chairman of the bank. Elected President of the Asia Marketing Federation in September 2022, Mr. Anwar previously served as an Independent Director at Meghna Bank PLC before joining National Bank Limited as Chairman of the Board of Directors.
The board includes other notable members such as Md. Serajul Islam, former executive director of Bangladesh Bank; M Kamal Hossain, former managing director of Southeast Bank; Parveen Haque Sikder, a director from the recently dissolved Board of National Bank; Alhaj Khalilur Rahman, Entrepreneurial Director from the Dissolved Council; another entrepreneurial director, Moazzam Hossain; and Lt. Gen Md. Shafiqur Rahman, OSP (BAR), SPP, afwc, psc(Retd), nominated director from Sikdar Insurance Company.
The primary objectives of the newly formed board include ensuring good governance, recovering disbursed loans, and enhancing deposit preservation efforts within National Bank Limited (NBL). In pursuit of these goals, the bank's board and top management are consistently working towards improving the financial health of NBL. As part of this ongoing effort, the bank held its annual business conference on January 27, 2024.
It is notable that National Bank Limited has recently appointed Md. Touhidul Alam Khan as the new Managing Director & CEO of the Bank. He brings with him 31 years of dynamic banking experience. Over the course of his banking career, he has served in pivotal roles such as Chief Business Officer, Chief Risk Officer, Chief Anti-Money Laundering Compliance Officer, Chief Credit Officer, and various other strategic positions. Among his notable accomplishments is leading Bangladesh's first Shariah-based syndication deal and facilitating the largest syndication term loan, underscoring his extensive expertise in syndications and structured finance. Mr. Khan has won several national and international awards for his literary contributions and is a respected contributor to prestigious business magazines like 'The Asian Banker' and 'Asian Banking and Finance' in Singapore. He has been nominated twice as an
Associate Editor of 'The Cost and Management,' a journal of ICMAB, and serves as an International Correspondent for Islamic Finance News (IFN), Malaysia.
The conference was well-attended, with participants including the bank's board of directors, the newly appointed managing director & CEO Md. Touhidul Alam Khan, all divisional heads, branch managers, sub-branch in-charges, and heads of subsidiary organizations. During the conference, attendees expressed their unwavering commitment to working diligently throughout the current year to expand the bank's business, recover non-performing classified loans, and achieve set targets. It's noteworthy that the theme of the conference was "Let's change together," emphasizing the collective effort and dedication required from all stakeholders to bring about positive transformation within the organization.
In addition to the annual business conference, the Board and Management of National Bank are organizing regional conferences as an extension of their strategic planning efforts. These regional conferences serve as platforms for information-based discussions, the formulation of business strategies, and initiatives focused on debt recovery, among other key areas.
It's worth noting that on Sunday, February 11, 2024, the first working day of the week, National Bank experienced significant positive movement in the country's main stock market, the Dhaka Stock Exchange (DSE). The bank's shares traded at the highest ceiling increase of 10%, signaling strong investor confidence. Trading activity for NBL shares was robust on this day, with the share price rising within the permissible maximum 10% increment as per stock market regulations.
Market participants perceive that the share price of National Bank Limited (NBL), along with many other banks, has remained relatively stagnant over the past few years due to declining floor prices and rates. Consequently, the share prices of these banks, including NBL, have been undervalued. However, with recent market momentum and the potential for a revival of NBL, there is growing investor interest in this previously undervalued stock.
Investor sentiment suggests that there is an expectation for the share price of NBL to return to profitable levels in the near future. Some investors believe that the stock is currently trading at or below its face value (Tk. 10), indicating that there is potential for significant upside as the efforts and actions of the new board and management take effect. There is considerable confidence among investors in the newly formed board and management of the bank, driving optimism regarding the future performance and valuation of NBL's stock.
Messenger/Disha
