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Islami Bank Witnesses Changes in Shareholding Structure and Board Composition

Industry: Bank, Financial
Company: Islami Bank Bangladesh Limited (IBBL)
Company Intelligence Tag: Business Insights

Islami Bank experienced significant shifts in its shareholding structure and board composition. Several corporate shareholders, including Armada Spinning Mills, Kingsway Endeavors, and Uniglobe Business Resources, withdrew their directorship after selling off their entire holdings. The Investment Corporation of Bangladesh (ICB) also sold its shareholding and withdrew its nominated director. As a result, the bank’s shareholding by sponsors-directors has decreased from 55.06% in December last year to 41.90% in June. Notably, JMC Builders acquired a substantial stake in the bank, and Ahsanul Alam, serving as the chairman, was appointed as a shareholder director. Foreign sponsors and investors continue to hold substantial stakes in the bank.  Islami Bank’s profit increased by 28% in 2022 but experienced a 32% decline in the January-March quarter of 2023   The bank’s shares were traded in the block market of the Dhaka Stock Exchange, and there have been substantial transactions in recent months.

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