The heads of three major state-linked financial institutions - Sonali Bank, the Insurance Development and Regulatory Authority (IDRA), and Shadharan Bima Corporation (SBC) - resigned from their posts on Monday, citing personal reasons.
The outgoing officials are Sonali Bank Chairman Mohammad Muslim Chowdhury, IDRA Chairman M Aslam Alam and SBC Chairman Mohammad Jainul Bari.
All three submitted their resignation letters to the Secretary of the Financial Institutions Division (FID) on Monday.
Mohammad Muslim Chowdhury, a former Comptroller and Auditor General and Finance Secretary, had been appointed chairman of Sonali Bank on 28 August 2024, following the formation of the interim government after the political transition earlier that month. During his tenure, the state-owned commercial bank reported a record operating profit in 2025, marking a notable financial milestone.
At the same time, M Aslam Alam stepped down from his role as chairman of IDRA. A former senior secretary, he assumed leadership of the insurance regulatory body in September 2024, tasked with overseeing reforms and strengthening governance in the insurance sector.
In a separate confirmation, Mohammad Jainul Bari announced his resignation as chairman of Shadharan Bima Corporation, also attributing his decision to personal circumstances.
Officials at the Financial Institutions Division said the resignation letters have been received and necessary procedures are underway to appoint successors.
The simultaneous departures come amid ongoing reform efforts by the interim government aimed at enhancing transparency, accountability and stability in the banking and insurance sectors.
