The newly appointed board of directors at National Bank Limited (NBL) has reversed course on a planned merger, opting to focus on regaining the banks strength and past glory as an independent entity.

Alhaj Khalilur Rahman, chairman of the new board, announced the decision at a press conference on Monday, emphasizing the boards commitment to self-reliance.  "We believe NBL has the potential to thrive on its own, Standing on its Own Two Feet", Rahman said.

Bangladesh Bank on Sunday reconstituted the NBL board keeping out five members, including chairman Syed Ferhat Anwar, managing director Tohidul Alam Khan and director Parveen Haque Sikder of the eight-member board in place

Independent directors Md Serajul Islam and M Kamal Hossain are other two of the five excluded from dissolution. Khalilur Rahman, a director in the newly-dissolved board, has been appointed as new chairman of the private bank.

BB issued an order to this effect on Sunday, saying that the central bank dissolved the previous NBL board with immediate effect and appointed the 10 member new board of directors for the bank.

The step was taken in the interest of depositors and the bank and to ensure good governance, according to the order.

The new NBL leadership outlined a comprehensive strategy to revitalize NBL. This includes fostering a culture of good banking governance, rebuilding customer trust, restoring reputation and reigniting the banks tradition of excellence across all performance metrics.

Rahman underscored the boards commitment to Bangladeshs business community.  "We understand the unique needs of businesses," he stated. "We will become a business-friendly bank, known for swift decision-making and standing shoulder-to-shoulder with entrepreneurs."

This decision marks a significant shift from NBLs previous trajectory. On April 9, a merger with United Commercial Bank (UCBL) seemed imminent, reflecting a national trend of bank consolidation.  However, the new board moving away from merger is charting a course for independent resurgence.

The board expressed strong confidence in NBLs turnaround potential.  Rahman urged journalists for   their support, highlighting the banks commitment to regaining its rightful place in Bangladeshs financial landscape.

On April 9 NBL after a meeting with Bangladesh Bank decided to be merged with the United Commercial Bank (UCBL) in presence of central bank governor and some members of the board of directors and senior officers of the two banks were also present.

Before formal declaration both banks discussed the issue of merger earlier at the initiative of Bangladesh Bank. National Banks financial base is weak. On the other hand, UCBs financial base is strong.

The move comes amidst a trend of bank consolidations highlighted by recent agreement for Padma Bank to merge with EXIM Bank in March, signaling a wave of strategic mergers aimed at strengthening the countrys banking sector.

Bangladesh Bank has recently issued Bank Merger Policy, which has detailed guidelines for merger of weak banks with strong banks - both voluntary and mandatory.