Former senior secretary Dr Mohammad Ayub Miah has been appointed as the chairman of United Islami Bank.
Bangladesh Bank granted approval for his appointment on 30 November.
The appointment follows the central bank’s final endorsement of the newly formed ‘United Islami Bank PLC,’ which was established by merging five financially fragile banks in the country.
Bangladesh Bank has confirmed that the newly licensed bank will commence full-scale operations shortly. The five banks merged to form the new entity include First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank, and Union Bank.
Bank officials stated that despite repeated liquidity support, the financial health of these banks failed to improve. Share prices for all five banks fell sharply in the stock market, and the Net Asset Value (NAV) of nearly all of them turned negative.
The consolidation is intended to stabilise the precarious financial position of these banks. Earlier, following an application from the Ministry of Finance, Bangladesh Bank had granted preliminary approval for Sammilito Islami Bank on 9 November.
KhaborwalaAJ
