The Bangladesh Bank has restructured the boards of two more banks—Al-Arafah Islami Bank PLC and Bangladesh Commerce Bank Ltd—removing the influence of the S Alam Group. This move follows similar actions taken with six other banks previously, including Islami Bank Bangladesh and Union Bank.
For Al-Arafah Islami Bank, Khwaja Shahriar, former managing director of Lanka Bangla Finance, has been appointed as chairman, while other independent directors include former Bangladesh Bank executives and academics. Bangladesh Commerce Bank’s new independent directors include former Bangladesh Bank officials and chartered accountants. Additionally, the central bank has reconstituted Aviva Finance’s board, with Chartered Accountant Md Sadrul Huda FCA as chairman. This change comes amid allegations of financial misconduct involving the S Alam Group.
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