International trade icon, expatriate businessman, and esteemed industrialist Iqbal Ahmed has once again assumed the role of Chairman at NRB Bank. On March 12, he was unanimously elected to the position by the newly constituted Board of Directors, which was formed following the dissolution of the previous board by Bangladesh Bank. Iqbal Ahmed had previously served as the bank’s founding Chairman from 2013 to 2016. His return, nearly a decade later, is not just a position of responsibility but a renewed pledge to establish a credible and stable banking structure.
Iqbal Ahmed is more than a banker; he is a global entrepreneur who has expanded his business empire from Sylhet to London. As Chairman and CEO of Seamark Group of Companies and IBCO Food Industries Ltd., he has led these organizations to become trusted names in the global frozen food supply chain. Seamark Group is currently one of the largest suppliers of black tiger shrimp, seafood, and frozen products across the UK and Europe. In recognition of his achievements, he was awarded the OBE (Officer of the Most Excellent Order of the British Empire) by the British Royal Family in 2001. From 2002 to 2025, he has also been honored as a CIP (Commercially Important Person) in Bangladesh for his top-tier export contributions.
His return to the banking sector comes at a time when NRB Bank has been mired in controversies and irregularities. The previous Board, led by former Chairman Mahtabur Rahman and his close associates, became politically influenced, resulting in systemic financial mismanagement. During this period, Iqbal Ahmed was also removed from the Board.
The intervention by Bangladesh Bank dismantled this political grip, paving the way for a restructured Board where Iqbal Ahmed’s inclusion and subsequent unanimous election as Chairman have rekindled trust among stakeholders.
Iqbal Ahmed is recognized as a seasoned, principled businessman who has represented Bangladesh on the global stage with integrity and distinction. The internal community of the bank believes his leadership can open a new horizon for NRB Bank.
Currently, the bank’s biggest challenges are to restore trust and ensure transparent governance. Modernizing its financial structure and service delivery requires visionary leadership and responsible management qualities Iqbal Ahmed has consistently demonstrated. Whether the bank will regain its former glory under his leadership or if this change will remain a mere organizational shuffle remains to be seen. However, within corporate and financial circles, his return has undoubtedly sent a positive signal.
Globally, his expansive business success and steadfast principles have established him as a leader who is not just a figurehead but an active builder of institutions. Such leadership can become a symbol of new trust, ethics, and corporate governance in the financial sector. His re election is not merely an administrative move but carries the potential for institutional rejuvenation for NRB Bank.
Raju Alim sat down with Iqbal Ahmed to discuss the current state, challenges, and future of NRB Bank. Here are excerpts from the interview:
Raju Alim: As Chairman of NRB Bank, how do you assess the current situation? How are you addressing the impacts of corruption and economic challenges caused by the previous administration?
Iqbal Ahmed: The primary objective behind establishing NRB Bank was to channel inward investments from Non Resident Bangladeshis (NRBs). I was the one who initiated this with around 46 highly successful Bangladeshi entrepreneurs from across the globe Japan, Singapore, Malaysia, Italy, Europe, the Middle East, Canada, the USA. Until today, Alhamdulillah, we remain the only true NRB bank. We consider ourselves an NRB foreign bank, and our services reflect that. Our shareholders are also globally established like foreign investors.
The incidents that have occurred in the banking sector over the last 15 16 years are well-known. Unfortunately, we too have been victims, with a significant amount of our funds classified as non-performing. I would like to request, through your platform, that those who have defaulted repay their dues. We are hardworking, tax paying individuals, and the government has meticulously vetted us before granting the license. Please help us stand on our feet again. If we succeed, NRBs worldwide will be encouraged, and more investments will come into Bangladesh.
Raju Alim: Entrepreneurs left Bangladesh financially devastated, governments shifted, and associations like BAB under Nazrul Islam Majumdar played pivotal roles. As a Chairman, how do you view this situation?
Iqbal Ahmed: I served as Chairman for nearly three years. After that, I wasn’t involved. Several complicated matters have transpired in the banking sector over the past five to seven years. Regarding repatriating funds, I know the government and Bangladesh Bank are working diligently. But once money leaves for countries like the UK, USA, Canada, or the Middle East, it’s not easily repatriated. That’s a reality we all know. I hope that with the cooperation of foreign governments and agencies, some funds will return and I’ve heard they are indeed coming back.
However, NRB Bank hasn’t faced such critical incidents. Alhamdulillah, we’ve avoided major disasters. Although we’ve had some classified loans, we are recovering them. As of June, we’ve returned to profitability. By year end, we expect solid earnings. I can’t say yet how much dividend we can offer shareholders, but the bank will stay profitable. Our policies are distinct. Our focus is on digital transformation. We aim to digitize our entire banking system domestically and internationally. With ongoing training and programs, I’m optimistic that within three years, NRB Bank will be 100% digital.
Raju Alim: Islamic banks are merging; new consolidations are happening. As an experienced businessman and NRB leader, what’s your take on this?
Iqbal Ahmed: Those merging have suffered massive capital losses, so they have no choice but to merge. Thankfully, we’re not in that position. We’re not facing a merger situation. Our advisory panel and independent directors are highly skilled, knowledgeable, and committed. I’m confident that NRB Bank will achieve a turnaround. There’s no alternative for us. Our management is also supporting us, and we are giving them the necessary direction.
We’re focusing particularly on small and medium enterprises (SMEs). Supporting SMEs means creating business leaders within our community. We lack the capital to support blue chip companies, and frankly, we’re not interested in that. Our vision is to nurture SMEs into loyal customers and grow them into community business leaders. That’s the strategic approach we’re taking.
