BB appoints observer to Mercantile Bank

Staff Reporter :
Bangladesh Bank (BB) on Wednesday appointed an observer to Mercantile Bank following allegation of loan irregularities allegedly committed by the board of directors of the bank.
Masud Biswas, General Manager of Foreign Exchange Policy Department of BB, has been appointed as an observer to the board of directors of the bank with immediate effect.
No on, he will attend all the board meetings, executive and audit committee meetings of the bank to report BB about the board activities, according to a BB letter sent to the Mercantile Bank yesterday.
The observer was appointed as the BB found irregularities in processing loans approval by the board, said an official of the central bank.