Bangladesh Bank (BB) has dissolved the boards of two banks and reconstituted them by appointing new chairmen.
The banks in question are Al Arafah Islami Bank and Bangladesh Commerce Bank Limited.
Al Arafah Islami Bank has been reconstituted with the appointment of Khwaja Shahriar, former Managing Director and CEO at LankaBangla Finance, as the chairman of the new board.
The central bank issued the instruction on Tuesday, stating that the banking regulator reconstituted the board to protect depositors and the banking industry as a whole.
Other independent directors of the five-member body include former BB executive director Md Shahin Ul Islam, former deputy managing director of NRB Bank Md Abdul Wadud, professor of Dhaka University's department of development studies Dr. M Abu Yusuf, and chartered accountant Mohammad Ashraful Hasan, FCA.
This change in the Al Arafah Islami Bank board is part of the central bank's efforts to neutralise the control of the Chattogram-based controversial business conglomerate S. Alam Group in the banking industry.
Bangladesh Commerce Bank Limited has also been reconstituted, with Md Ataur Rahman, former executive director of the BB, appointed as the chairman of its new board.
Other independent directors of the five-member body include former additional managing director of Meghna Bank Md Mohsin Miah, joint secretary at the financial institution division under the ministry of finance Kamrul Haque Maruf, deputy managing director Md Golam Mortuza, and chartered accountant Sheikh Ashrafuzzaman, FCA.
These changes come as part of the central bank's efforts to remove the controversial S Alam Group's direct control over the banking industry, following recent changes in state power after days of protests by students and citizens that resulted in the deaths of several hundred people.
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