In a significant shift within the upper echelons of the Bangladeshi banking sector, Mr Hassan O. Rashid, the Managing Director and Chief Executive Officer of Prime Bank PLC, has formally tendered his resignation. The bank’s Board of Directors officially accepted his departure during a pivotal meeting held on 10 February 2026.
As a publicly traded entity on the Dhaka Stock Exchange (DSE), Prime Bank disclosed this material information to its investors on Sunday, adhering to strict regulatory transparency requirements.
A Managed Transition
According to official filings, Mr Rashid’s resignation is slated to take effect on 31 March 2026, pending final approval from the central bank, Bangladesh Bank. To ensure institutional stability during this transition, the board has appointed Mr Faisal Rahman, the current Additional Managing Director (AMD), as the Acting CEO effective from 1 April 2026.
Industry insiders suggest that Mr Rashid’s departure is part of a high-profile move to Eastern Bank PLC (EBL), one of the nation’s premier financial institutions. He is expected to succeed the long-standing Managing Director, Ali Reza Iftekhar, whose illustrious tenure—spanning nearly two decades since 2007—is due to conclude on 19 April 2026.
Financial Performance Overview
Mr Rashid leaves Prime Bank in a formidable financial position. Under his leadership, the bank has seen a robust trajectory of growth, particularly evidenced by its recent profit margins. Since its inception in 1995 and its subsequent listing on the stock market in 2000, Prime Bank has maintained its status as a high-performing ‘A’ category company.
| Metric | Jan–Sept 2024 (BDT) | Jan–Sept 2025 (BDT) | Growth (%) |
| Net Profit | 495 Crore | 629 Crore | 27% |
| Current Share Price | — | 35.50 | — |
| Market Category | — | A-Grade (DSE) | — |
A New Chapter at Eastern Bank
Confirming the transition, Mr Rashid stated that the opportunity to lead another top-tier private commercial bank was the primary driver behind his decision. If sanctioned by the central bank, he will take the helm at Eastern Bank in April, inheriting a legacy established by Mr Iftekhar.
The move is seen as a strategic “changing of the guard” in the industry. While Prime Bank must now navigate a leadership transition, its 27% year-on-year profit surge suggests that the incoming acting CEO, Faisal Rahman, inherits a resilient and profitable platform. Investors will be watching closely to see if the momentum of the past year can be sustained under new management.