BB reconstitutes Al Arafa and Commerce Bank boards

Dhaka, Sep 3 -Bangladesh Bank (BB) has reconstituted the board of directors of Al-Arafah Islami Bank PLC (AIBL) and Bangladesh Commerce Bank Ltd - both controlled by scam-hit conglomerate S Alam group.

Bangladesh Bank

The central bank issued separate notices to this end to the managing directors of the said banks on Tuesday. These two banks are the latest to be freed from the control of the S Alam Group.

A total of eight independent directors have been appointed in the two banks and two directors appointed by the government have been retained.

Bangladesh Bank's former executive director Ataur Rahman has been appointed as the chairman of the newly formed five-member board of directors of the Commerce Bank after dissolving the existing board, according to a notice.

Ataur has also been appointed as an independent director of the bank.

Another five-member board has been formed for AIBL after dissolving the bank's existing board.

Khwaja Shahriar, former Managing Director of Lanka Bangla Finance, has been appointed as independent director and chairman of the new board. - UNB