FI CEOs need BB clearance to leave country27 July 2021
Economic Reporter :
From now on, the chief executive officer of any financial institution has to take permission from the Bangladesh Bank before leaving the country.
The central bank, Bangladesh Bank, in a circular on Monday made this mandatory provision. Earlier, a similar provision was made for the CEOs of the banks operating across the country.
The circular, issued by the Financial Institutions and Market Department of
BB, said that if any CEO of a financial institution stays outside the country for a long period for official work or enjoying personal leave, it may create potential management and operational risk including financial loss alongside decreasing overall institutional pace which is not expected anyway.
Against this backdrop, the BB said, the CEOs of the financial institutions are advised to avoid staying outside Bangladesh for a long of time.
The CEO of a financial institution operating in Bangladesh, if required to travel abroad, has to take the approval from BB before leaving the country. In this case, the CEO will apply to BB for approval before 15 days of the travel also attaching a copy of the decision of the board of directors of the institution concerned.
The application must have necessary and detailed information about the applicant including his and his institution's names, national ID number, passport number, the purpose of the visit, the approximate expense of the travel, proposed time of the travel, address abroad, and the information of the last travel.
If the application is approved by the Central Bank, the CEO will inform the secretariat of BB Governor and Financial Institutions and Market Department elaborating that who will act as acting CEO during his absence mentioning his name, position, official phone number, cell phone number, email address, said the BB circular.