Grameen America, which at one point was considering opening a federal credit union in North Carolina, is coming to the defense of the founder of its international affiliate.
There are conflicting reports on whether Muhammad Yunus, founder of Grameen Bank, a microlending bank formed in Bangladesh, has been forced out. The New York Times reported today that Yunus was terminated as managing director of Grameen Bank, citing a statement from the bank's chairman, Muzammel Huq. The termination was allegedly due to improper oversight and governance, including an alleged $100 million donation by the Norwegian government for housing loans to another nonprofit affiliate of Grameen, among other factors, the Times reported.
Grameen America is the New York-based affiliate of Grameen Bank.
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