FROM PAGE B1

Chowdhury, resigned and fled the country following the political changeover on August 5 last year.

FSIBL removed its MD, Syed Waseque Md Ali, over loan irregularities in July this year. Global Islami’s MD, Syed Habib Hasnat, and EXIM Bank’s MD, Mohammad Feroz Hossain, were forced to resign after the reconstitution of their respective boards last year.

The latest development follows a BB circular on Wednesday, which stated that the five banks have been brought under the resolution process to restore good governance, ensure accountability, bring overall discipline to the banking sector, protect the interests of depositors, and regain public confidence in the overall banking system.

In the biggest banking shake-up, the central bank also sent letters to the chairmen of the five banks stating that the lenders have been brought under the resolution process in accordance with Section 15 of the Bank Resolution Ordinance 2025.

In a separate development yesterday, the trading of the shares of the five shariah-based banks was suspended as well.

WHO ARE THE ADMINISTRATORS?

Each of the five banks has one administrator along with an assisting team to carry out responsibilities.

BB Executive Director Md Salah Uddin has been appointed as the head of the administrator’s team for Social Islami Bank; BB Director Mohammad Abul Hashem for Union Bank; BB Executive Director Muhammad Badiuzzaman for First Security Islami Bank; BB Director Md Muksuduzzaman for Global Islami Bank; and BB Executive Director Md Sawkatul Alam for EXIM Bank, central bank documents showed.

The temporary administrations have been assigned four key responsibilities: to ensure that the banks remain operational and that large payments, remittances, and LC settlements continue smoothly; to integrate and centrally manage the IT infrastructure; to assess staffing levels and the overall human resource situation and make necessary reorganisations; and to rationally merge multiple branches of the banks located in the same area.

Officials of the central bank said that all the administrators’ teams joined the five banks yesterday.