Bangladesh, July 31 -- Commerce Bank's Managing Director Mohammad Mosharraf Hossain has resigned, citing board interference and a lack of operational freedom, particularly over a disputed interest waiver of Tk 480 million.

Though he had two years left in his contract, Mosharraf submitted his resignation to the bank's chairman on Wednesday, with a copy sent to Bangladesh Bank as per rules.

"I tried my best to rebuild this fragile bank," he told bdnews24.com on Thursday. "But given the obstructions and overall situation, I felt it was best to step down."

He said he repeatedly told the board he was not being allowed to work independently.

"So many issues plagued the bank... A managing director needs the environment to act professionally,...