, Aug. 19 -- The Bangladesh Bank has reconstituted the board of directors of Premier Bank, citing a lack of corporate governance and mismanagement.

The central bank dissolved the previous board and appointed a new one after finding deficiencies in corporate governance, failure to maintain loan discipline, and a general lack of good governance.

The Bank Company Act 1991, empowers Bangladesh Bank to dissolve or reconstitute a board if its activities are found to be against the interests of the bank or its depositors, or against the public interest. The central bank stated that this move will help restore transparency, accountability, and discipline in loan management within the banking sector.

Mohammad Shahriar Siddiqui, the acting spoke...