Regulatory Alerts2024-08-04
Added · Updated
BRPD Circular No. 14: Strengthening the Law Department/Legal Team of Banks
Bangladesh Bank mandates all scheduled banks to appoint a Chief Legal Officer directly supervised by the Managing Director or Chief Executive Officer, requiring a minimum of a Bachelor of Laws degree and at least five years of experience in a bank or financial institution's legal team, plus ten years in case management. Banks must staff their legal teams based on the volume and value of non-performing loans, ensuring at least one-third of staff hold law degrees with banking experience, and appoint a Deputy General Manager for Dhaka and Chittagong. The circular also sets strict eligibility criteria for panel lawyers, including a minimum of three years' experience, performance evaluations, and disqualification for criminal convictions, with panel appointments limited to a maximum of two years.