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The central bank has dissolved the Board of Directors of Social Islami Bank Limited (SIBL), which was under the control of S Alam Group.
A new board has also been formed by appointing five independent directors, including one founding shareholder.
Bangladesh Bank on Sunday announced the decision in a letter.
Founding shareholder of the bank Major (retd) Dr Md Rezaul Haque has been appointed as the director of the new board, according to the letter.
Maksuda Begum, a former Executive Director of Bangladesh Bank, Dr M Sadiqul Islam, a Professor of the Finance Department at Dhaka University, Md Morshed Alam Khan, a former Deputy Managing Director of Rupali Bank, and chartered accountant Md Anwar Hossain have been appointed as independent directors.