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Bangladesh Bank (BB) has dissolved the board of First Security Islami Bank (FSIB) and reconstituted it, appointing Md Abdul Mannan, former managing director of Islami Bank, as chairman of the new board.
The central bank announced the dissolution and reconstitution of the board on Sunday, stating that it was intended to protect depositors and the country’s largest unconventional bank as a whole.
The other independent directors on the five-member board are former BB executive director Md Azizur Rahman, former deputy managing director of Uttara Bank PLC Md Abdul Kuddus, associate professor of Dhaka University’s department of accounting and information system Dr Md Saiful Alam, and chartered accountant Ragib Ahsan FCA.
The latest change in the FSIB board is part of the central bank’s effort to neutralise the control of Chattogram-based controversial business conglomerate S. Alam Group from the banking industry.