DHAKA: Bangladesh Bank (BB) has issued a show-cause notice to four private banks for appointing more than two directors from same family.

The central bank, however, also asked the banks to bring down the number of their directors coming from a same family within next seven working days.

The banks include National Bank, City Bank, Premier Bank and First Security Islami Bank, sources told banglanews.

They faced the similar notice once earlier, but did not take action on it, the sources added.

The central bank warned them again through issuance of a letter.

Nevertheless, law does not allow a bank to pick more than two directors from a family.

National Bank has five directors from a family, including its chairman Zainul Haque Shikder.

City Bank has nine directors from two families, five from its chairman Rubel Aziz's family and four from director Deen Mohammad's family.

Four directors of Premier Bank came from the family of its chairman HBM Iqbal while First Security Islami Bank has three directors from the family of its chairman Mohammad Saiful Alam.

BDST: 1414 HRS, Oct 13, 2014