S Alam shares to be sold to realise Tk 100b: Islami bank chairman

An initiative is being taken to realise Tk 100 billion selling shares of S Alam Group, Islami Bank chairman Obayed Ullah Al Masud informed the media Monday.

Addressing a media conference at Bangladesh Bank today, Obayed Ullah Al Masud also said S Alam Group took out Tk 800 billion from 17 branches of the Islami Bank. At the same time, he destroyed the bank’s relationship with other international banks.

The incumbent authorities of the bank have been trying to bring back Saudi Arabian enterprise Al Razi’s investment in the bank and attempts are on to add IFC, he added.

Addressing the media conference, Bangladesh Bank governor Ahsan H Mansur said the central bank’s responsibility is to protect all the banks. Special initiatives are being taken for the banks that could not turn around even after the reforming their boards of directors.

He also stressed that the deposits of all the depositors will be protected.

The chairman of the reconstituted board of directors of the Islami Bank and other directors were present at the media conference.

The central bank governor said the persons and organisations that took money from the banks through irregularities are being considered separately. No organisation will be allowed to die since all of them are national assets, and investment, production and supply in the banks are involved with them.

“Lawsuits will be lodged at the court against S Alam. The court will decide what will happen to them,” Ahsan H Mansur remarked.

The financial condition of the Islami Bank is improving, said its chairman Obayed Ullah Al Masud.

“Deposits have increased by Tk 50 billion in three months; its remittance is also boosting. Currently new investment is closed. Besides, we are going to appoint three officials each at 2,700 agent points; they could play a big role in increasing the bank’s volume of deposits.

Foreign investors started selling their shares after the change in ownership of Islami Bank Bangladesh Limited in 2017. Foreign investors had over 50 per cent shares of IBBL before S Alam Group took control of the bank. This has come down to 13 per cent now.