UCB, Global Islami, Union get new boards of directors

Bangladesh Bank has reconstituted the boards of Global Islami Bank, Union Bank and United Commercial Bank (UCB), which had also been controlled by the S Alam Group.

The central bank has appointed five independent directors each for Global Islami and Union Bank while UCB gets two directors and three independent directors, according to the separate letters issued by the BB.

Mohammad Nurul Amin, former managing director of Meghna Bank, has been appointed as the chairman of the Global Islami Bank's board after selecting him as an independent director.

Similarly, the banking watchdog appointed Md Farid Uddin Ahmed as the chairman of Union Bank after selecting him as an independent director.

Ahmed is the former managing director of Islami Bank Bangladesh.

Sharif Zahir, a shareholder of UCB, has been made one of the directors and new chairman of United Commercial Bank.

The development came days after the reconstitution of boards of Islami Bank Bangladesh and Social Islami Bank.

With the decisions, the control of S Alam Group over the Shariah-based banks ended after seven years of its domination and rampant misappropriation of nearly a hundred thousand crores of taka in the name of taking loans.