The decision was taken as his organization is a loan defaulter
Bangladesh Bank (BB) has removed A. S. M. Feroz Alam from Mercantile Bank’s board of directors for loan defaults.
The banking regulator issued the removal instruction to the bank on Sunday as per the recommendation of the probe body said a high official of the central bank.
There is no chance to approve the appointment of A. S. M. Feroz Alam as a director of the bank as per the provision of section 15 (6) of the Banking Companies Act 1991 owing to the involvement his organization in defaulted loans, according to the removal instruction.
Meanwhile, the central bank approved the appointment of AKM Shaheed Reza, Allhaj Mosharref Hossain and M Amanullah as directors of the bank.
As per Mercantile Bank website, A. S. M. Feroz Alam is the Chairman of Bengal Trading Limited (Japan). He is a Sponsor Shareholder of Premier Leasing & Finance Ltd.
Feroz Alam is also the director of National Television Ltd. (RTV) and the Founder of Saheda Gafur Ibrahim General Hospital in Kaliya of Patuakhali.