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-US state department voices concern over Grameen Bank leadership.

BANKING AND CREDIT NEWS-August 6, 2012--US state department voices concern over Grameen Bank leadership(C)2012 M2 COMMUNICATIONS

6 August 2012 - Washington expressed on Sunday concerns about the Bangladeshi government's move to allow the government-appointed chairman of local micro lender Grameen Bank to select the bank's new managing director.

Patrick Ventrell, acting deputy spokesman of the US Department of State, said Sunday that the move would limit the role that the lender's largely female borrower-shareholders play in determining the strategic direction of the institution.

In May, US secretary of state Hillary Clinton called upon Bangladeshi prime minister Sheikh Hasina and foreign minister Dipu Moni to abstain from taking measures that would undermine the independence and integrity of Grameen Bank, which was founded by Nobel Peace Prize winner Muhammad Yunus.

The state department called on the Bangladeshi government to make sure the selection of a new managing director is transparent and the person selected to run the bank has unquestioned integrity and competence.

The Grameen Bank is a microfinance organisation and community development bank that makes small loans to the impoverished people, mostly women, without requiring collateral.

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Publication:M2 Banking & Credit News (BCN)
Date:Aug 6, 2012
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