New Oriental management may meet Mar 23 to draw business plans
Wednesday, 12 March 2008
FE Report
The new management of Oriental Bank Limited is likely to meet March 23 next to finalise their business plans including lifting of moratorium to operate the bank smoothly.
The Switzerland-based ICB Financial Group, the new owner of the private commercial bank, is planning to expand activities of the bank aiming to restore confidence of clients through improving image of the bank.
The Bangladesh Bank has already approved the proposal of appointment of the chief executive officer (CEO), generally known as managing director, of the bank and has issued a no-objection certificate regarding the proposed name of the bank, ICB Islami Bank Limited.
'We've given approval to the proposal on appointment of the CEO of the bank,' a senior official of the Bangladesh Bank (BB) told the FE Tuesday.
He also said the central bank has already approved a five-member board of directors of the bank.
The board earlier proposed the name of Abdul Latif Yahya as the CEO of the bank.
The new board of directors may meet on March 23 next to discuss different issues aiming to expand the activities of the bank through restoring confidence of the clients by improving its service and image.
The first meeting of the board of directors is likely to discuss lifting of moratorium before expiry of the stipulated timeframe, reset by the government earlier.
The government extended the moratorium for the second time on some banking activities of the bank for six months to protect depositors' interest and facilitate restructuring of the bank.
The latest order came into effect on January 25 last and it is scheduled to expire on on July 24 next.
On January 25, 2007, the ministry concerned imposed the six-month moratorium restricting withdrawal of cash above Tk 10,000 by depositors. In case of new account holders, no such restrictions apply.
'We did not take any move to lift the moratorium before the stipulated timeframe,' another BB official said, adding that the central bank will take the initiative to lift the moratorium if the new management requests.
The Oriental Bank that suffered a severe financial crisis was taken over by the central bank on June 19, 2006 to protect the depositors' interest. The central bank then appointed an administrator to run the bank temporarily.
The Shariah-based bank started its operation on May 20, 1987 under the name of Al Baraka Bank Bangladesh Limited.
The new management of Oriental Bank Limited is likely to meet March 23 next to finalise their business plans including lifting of moratorium to operate the bank smoothly.
The Switzerland-based ICB Financial Group, the new owner of the private commercial bank, is planning to expand activities of the bank aiming to restore confidence of clients through improving image of the bank.
The Bangladesh Bank has already approved the proposal of appointment of the chief executive officer (CEO), generally known as managing director, of the bank and has issued a no-objection certificate regarding the proposed name of the bank, ICB Islami Bank Limited.
'We've given approval to the proposal on appointment of the CEO of the bank,' a senior official of the Bangladesh Bank (BB) told the FE Tuesday.
He also said the central bank has already approved a five-member board of directors of the bank.
The board earlier proposed the name of Abdul Latif Yahya as the CEO of the bank.
The new board of directors may meet on March 23 next to discuss different issues aiming to expand the activities of the bank through restoring confidence of the clients by improving its service and image.
The first meeting of the board of directors is likely to discuss lifting of moratorium before expiry of the stipulated timeframe, reset by the government earlier.
The government extended the moratorium for the second time on some banking activities of the bank for six months to protect depositors' interest and facilitate restructuring of the bank.
The latest order came into effect on January 25 last and it is scheduled to expire on on July 24 next.
On January 25, 2007, the ministry concerned imposed the six-month moratorium restricting withdrawal of cash above Tk 10,000 by depositors. In case of new account holders, no such restrictions apply.
'We did not take any move to lift the moratorium before the stipulated timeframe,' another BB official said, adding that the central bank will take the initiative to lift the moratorium if the new management requests.
The Oriental Bank that suffered a severe financial crisis was taken over by the central bank on June 19, 2006 to protect the depositors' interest. The central bank then appointed an administrator to run the bank temporarily.
The Shariah-based bank started its operation on May 20, 1987 under the name of Al Baraka Bank Bangladesh Limited.