Dhaka, May 13 (IANS) Bangladeshi Nobel laureate Muhammad Yunus stepped down as the Grameen Bank Managing Director Thursday night, Xinhua reported.

"I am today (Thursday) relinquishing the post of Managing Director of Grameen Bank," said Yunus in a statement.

He said he took the step to "prevent undue disruption of the activities of Grameen Bank and to ensure my colleagues and our eight million members, and owners of the bank, are not subjected to any difficulty in discharging their responsibilities. "

Earlier in the day, Bangladeshi Finance Minister AMA Muhith announced that Deputy Managing Director Nurjahan Begum will be the stand-in managing director.

Yunus lost his final legal battle May 5 against the High Court judgment on his removal from Grameen Bank as the appellate division of Bangladeshi Supreme Court (SC) declined to recall its earlier order.

Yunus had sought withdrawal of the SC order April 5 that dismissed his leave-to-appeal petition filed against the High Court verdict April 3 upholding the Bangladesh Bank order removing him from the post.

The High Court Division bench of Bangladesh March 8 had dismissed the Nobel laureate's writ petition filed March 3 challenging the legality of the central bank order which had dispelled him from the post of Grameen Bank's managing director.

Yunus was relieved by the Bangladesh Bank (BB) March 2 from his position as the managing director in the Grameen Bank, with which he shared the Nobel Peace Prize in 2006.

The High Court bench said the micro-credit pioneer's serving as the Managing Director of the Grameen Bank since 1999 was illegal as he was then beyond 60 years old.

The managing director's position at Grameen Bank is an official one and one cannot hold it for an unlimited period, it added.

BB in its letter said Yunus did not seek its approval when he was reappointed as the managing director of the bank in 2000, violating one of the statutes of the partly state-owned Grameen Bank in which the government has 25 percent share.