S Alam Group has taken over half of the loans disbursed by Islami Bank Bangladesh Ltd (IBBL), as disclosed by the bank’s new Chairman, Md Obayed Ullah Al Masud. IBBL’s total loans exceeded Tk 1.74 lakh crore by June, with S Alam securing a significant portion using overvalued assets. A reassessment of these assets is ongoing, with further details expected within a week. The bank, which faced a Tk 2,300 crore capital shortfall, has reduced the gap to Tk 2,000 crore and aims for improvement by year-end. A roadmap for recovery and restructuring has been set, with phases running until 2029.
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