25th August 2024, Kathmandu
ARM Najmus Shakib has stepped down from his position as a director of Nabil Bank, effective from a board meeting held on Thursday.
Shakib Resigns as Director of Nabil Bank
Shakib’s resignation was formally communicated to the Nepal Stock Exchange (NEPSE) and the Nepal Securities Board (SEBON) in a letter sent on Friday, signalling the end of an era for the bank’s governance.
Shakib, a prominent figure in Nepal’s banking sector, was previously the Chairman of the Board of Directors of Nepal Bangladesh Bank before it was acquired by Nabil Bank two years ago. His departure marks a significant shift for Nabil Bank, given his role as a director representing International Finance Investment and Commerce Bank Limited (IFIC) of Bangladesh. IFIC is a foreign founding shareholder of Nabil Bank, and Shakib’s resignation highlights ongoing changes within this international partnership.
IFIC’s stake in Nabil Bank has been a subject of considerable interest. In November 2079, IFIC announced its intention to exit its investment by selling a substantial portion of its founder shares, totalling 1 crore 77 lakh 36 thousand shares. However, in May 2080, IFIC reversed its decision, halting the sale process amid a period of significant financial and strategic adjustments for the bank.
Shakib’s departure from the board is part of a broader context of shifting foreign investments and strategic realignments at Nabil Bank. The impact of his resignation on the bank’s operations and its relationship with IFIC remains to be seen, as Nabil Bank continues to navigate its role in the Nepalese banking sector with evolving shareholder dynamics.
As a key figure in Nabil Bank’s history, Shakib’s resignation represents a pivotal moment for the institution. Stakeholders and market watchers will be keenly observing the bank’s next steps in strengthening its governance and maintaining its growth trajectory amidst these changes.
For further updates on this development and its implications for Nabil Bank and its foreign partnerships, keep an eye on the latest news and announcements from the bank and financial regulatory authorities.
Shakib Resigns as Director of Nabil Bank