Seven members of Social Islami Bank Limited’s board of directors have resigned from their posts on “personal grounds.”
According to SIBL sources, nine new directors were also appointed at the same meeting of the private commercial bank’s board on Monday.
Among the seven that have resigned, four were independent directors: Md Abdur Rahman, Abdul Muhith, AFM Asaduzzaman and Moinul Hasan. The remaining three, who are yet to be identified, were shareholders of the bank.
The names of the nine new directors who were appointed at the meeting - seven independent and two shareholders – are also yet to be known.
All of the changes are pending approval from Bangladesh Bank.
Also Read- Social Islami Bank faces ‘hostile’ takeover
SIBL Chairman Anwarul Azim Arif told the Dhaka Tribune on Tuesday: “Seven directors resigned from their posts on personal grounds, while nine new directors were also appointed yesterday (on Monday).”
Earlier on October 30, SIBL faced what insiders claimed was a “hostile” takeover, when former SIBL chairman Major (Retd) Dr Md Rezaul Haque and former executive committee chairman Md Anisul Hoque were replaced by former Chittagong University vice-chancellor Prof Anwarul Azim Arif and Belal Ahmed, vice chairman of NRB Global Bank, respectively.
Former managing director of SIBL Shahid Hossain also stepped down and was replaced by Quazi Osman Ali, additional managing director of First Security Islami Bank Ltd.
Arif qualified for the position of director as he is a representative of the little-known Hasan Abashan Company Ltd, a sister concern of S Alam Group.
First Security Islami Bank Ltd, where Quazi Osman Ali was additional managing director, is also owned by S Alam group.
According to sources, Belal is the son-in-law of S Alam Group Chairman and Managing Director Mohammed Saiful Alam.