Good news for merchant banks’ MDs, CEOs

From now, the term of managing directors and chief executive officers of merchant banks can be renewed with the approval of the stock market regulator. 

Bangladesh Securities and Exchange Commission (BSEC) has issued an order in this regard on Sunday.

At the same time, the regulator has revoked the directive to extend the tenure of the MDs or CEOs of merchant banks by a maximum of once for three years. 

However, a person who attains the age of sixty-five years will not be eligible for the post of managing director or CEO or remain in the post. 

At present, sixty-three merchant banks are operating in the country.

A bank that deald with commercial loans and investments is regarded as merchant bank.