The government has approved the cancellation of the remaining terms of the contractual appointments of the managing directors and chief executive officers (MDs and CEOs) of three state-owned banks, paving the way for their removal before the expiry of their contracts.

The Financial Institutions Division of the Ministry of Finance issued separate letters on Monday approving the cancellation of the remaining contractual terms of the heads of Sonali Bank PLC, Rupali Bank PLC and Janata Bank PLC.

The three bank chiefs are Md Shaukat Ali Khan of Sonali Bank, Kazi Md Wahidul Islam of Rupali Bank and Md Mazibur Rahman of Janata Bank.

According to the letters, the government gave its consent to cancel the remaining periods of their contractual appointments made through agreements with the respective banks' boards of directors.

The division asked the banks to take the necessary subsequent steps in accordance with the Companies Act and the terms of the respective contracts.

The letters were signed by a deputy secretary of the Financial Institutions Division and addressed to the chairmen of the respective banks' boards of directors.