2024-08-29 16:49:37
The boards of directors of two other banks owned by S Alam Group have been dissolved. The central bank has formed the new board of directors of these banks.
The two banks are Global Islami and Union Bank.
On Tuesday (August 27), the board was canceled by two separate orders of Bangladesh Bank. At the same time, 5 new independent directors have been appointed in the order.
In the order sent to the managing director of the two banks, it is said that the board of directors of the bank has been dissolved and a new board has been formed to protect the interests of the depositors and the bank and to ensure good governance.
Mohammad Nurul Amin has been appointed as the chairman of the new board formed by Global Islami Bank. He is former Managing Director of NCC and Meghna Bank and former Chairman of Association of Bankers Bangladesh (ABB).
The other four independent directors of Global Islami Bank are – former Executive Director of Bangladesh Bank Jamal Molla, former Deputy Managing Director (DMD) of Islami Bank Nurul Islam Khalifa, Professor Abu Hena Reza Hasan of International Business Department of Dhaka University, Chartered Accountant Mu. Mahmud Hossain.
The former managing director of Islami Bank has been appointed as the chairman of the new board of Union Bank. Farid Uddin Ahmed, former executive director of Bangladesh Bank Humayun Kabir, former deputy managing director of Rajshahi Agricultural Development Bank Mohammad Saiful Alam, professor of the Department of Banking and Insurance of Dhaka University. Shahidul Islam Zahid, Chartered Accountant Sheikh Zahidul Islam.
It has been reported that Union Bank has committed irregularity in loans. Majority of the loans disbursed by the bank have become defaulted or non-performing loans. Most of the institutions taking loans are from the S Alam group. Besides, there are various loan irregularities in Global Islami Bank. Through these irregularities, S Alam Group has grabbed thousands of crores of rupees. After the fall of the Sheikh Hasina government, the shareholders demanded the dissolution of the board of these banks. The boards of these banks will be dissolved to prevent loan irregularities and bring back good governance and order in the banking sector.