Hassan O Rashid Steps Down From Prime Bank, Set To Join Eastern Bank

The leadership of Prime Bank is set for a change at the end of March after its chief executive officer Hassan O Rashid submitted his resignation, which the board formally accepted earlier this month.

Directors approved the decision at a meeting on 10 February. As a listed company, the bank later disclosed the matter to investors through a filing with the Dhaka Stock Exchange on 15 February.

According to the filing, the resignation will become effective on 31 March, subject to clearance from Bangladesh Bank. A notice has also been posted on the bank’s website.

From 1 April, the bank’s current additional managing director Faisal Rahman will assume responsibilities as acting CEO until a permanent appointment is made.

Within the industry, attention has already shifted to his next destination. Sources at Eastern Bank say the lender has decided to appoint Rashid as its next managing director. The tenure of the bank’s current managing director Ali Reza Iftekhar is scheduled to end on 19 April.

Iftekhar has been leading Eastern Bank since 2007. The planned transition follows the institution’s age-related retirement provisions, under which Rashid is expected to take over after completion of the incumbent’s term.

The development brings a leadership reshuffle at two prominent private lenders within weeks of each other. Prime Bank will move into an interim phase under acting management from April, while Eastern Bank prepares for a handover shortly afterward.

For investors, the immediate effect is limited to governance continuity disclosures, a routine requirement for listed companies. The regulatory approval now pending will determine the formal completion of the transition at Prime Bank.

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The coming weeks therefore mark the closing days of Rashid’s tenure at the bank he currently leads and the final stretch of Iftekhar’s long-running stewardship at Eastern Bank, with both changes already set on the calendar.