Professor Yunus remains Managing Director of Grameen Bank

Friends of Grameen denounces the new attempt of destabilization against Professor Yunus.

The announcement by the new Chairman is without enforceability.

Paris, 2nd March 2011

Today, the new Chairman of Grameen Bank, recently appointed by the Government, announced that Professor Yunus stepped down from his position as Managing Director, as this position had been declared illegal. Referring to a letter from the Central Bank, this request by the Chairman is legally beyond his
authority. After the unauthorized statements by the Chairman, Grameen Bank has officially announced that Professor Muhammad Yunus validly remains its Managing Director.

This new development appears as a renewed and immediate threat for Grameen Bank as an independent institution and a new step in the destabilization campaign pursued by the Government. According to the Ordinance that created Grameen Bank in 1983, the Government is appointing 3 members of the board, out of a total of 12. Today, the Bank is essentially owned by more than 8 million borrowers, who elect the other 9 board members among themselves. The Government owns the remaining fraction of the Bank's equity.

The Government-led actions have been increasingly legally groundless over the last few days, and Friends of Grameen will keep monitoring the situation closely and continue to advocate for a lawful and fair treatment of Grameen Bank and Professor Yunus, as their contribution to the world is unique and ultimately belongs to the poor of Bangladesh and beyond.

About Friends of Grameen

“Friends of Grameen” is a voluntary association established under the French law of 1901. The purpose of the association is the promotion and development of microcredit and social business, in particular the microcredit activities of Grameen Bank and its affiliates. The Honorary Committee is chaired by Mary Robinson, former President of Ireland and former United Nations High Commissioner for Human Rights. The Executive Committee is chaired by Maria Nowak, President of ADIE, a pioneering French microfinance institution created in 1989.

Press contacts:

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