CEO of a financial institution needs BB clearance before going abroad

Now, the Managing Director (CEO) of any financial institution must obtain authorization from the Bank of Bangladesh before leaving the country.

The Bangladesh Bank in a circular on Monday made this provision mandatory. Previously, a similar provision was made for CEOs of banks operating across the country.

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The central bank circular, issued by the Financial Institutions and Markets Department, said that if a CEO of a financial institution stays out of the country for a long time for official work or to take personal leave , this can create a potential management and operational risk, including financial loss alongside the decrease in the overall institutional pace, which is not expected anyway.

In this context, said the BB, CEOs of financial institutions are advised to avoid staying outside Bangladesh for a long time as much as possible.

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“The CEO of a financial institution operating in Bangladesh, if he has to travel abroad, must obtain approval from the Bank of Bangladesh before leaving the country. In this case, the CEO will seek approval from the Bangladesh Bank before 15 days of travel by attaching a copy of the decision of the board of directors of the institution concerned.

The application should contain the necessary and detailed information about the applicant, including name and establishment, national identification number, passport number, purpose of visit, approximate cost of travel, time proposed trip, overseas address and last trip information.

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If the request is approved by the Bangladesh Bank, the CEO will notify the secretariat of the Governor of the Bangladesh Bank and Financial Institutions and Market Department who will act as interim CEO during his absence mentioning his name, position , his official telephone number, his cell phone number, e-mail address, specifies circular BB.

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