UCB, Union Bank, Global Islami Bank boards dissolved

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

The central bank has appointed new board members to oversee each bank’s operations.

The newly constituted board includes representatives from independent directors, signalling a shift towards improved governance.

BB formed a new five-member board of directors to operate the Global Islami Bank with former Meghna Bank chairman Nurul Amin as head.

The other members of the board are: Bangladesh Bank’s former executive director Jamal Mollah; former Islami Bank deputy managing director Nurul Islam Khalifa; Dhaka University’s International Business Department Professor Abu Hena Reza Hassan; and Chartered Accountant Mahmud Hossain.

Also, Md Fariduddin Ahmed, former MD of Islami Bank is the new chairman of Union Bank.

Other members of the board are Bangladesh Bank’s former executive director Humayun Kabir, Rajshahi Krishi Unnayan Bank’s (RAKUB) former DMD Muhammad Saiful Alam, Banking and Insurance department Professor of Dhaka University, Shahidul Islam Zahid, and Chartered Accountant Jahidul Islam.

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

The Banking Regulation and Policy Department (BRPD) of Bangladesh Bank issued the notification on Tuesday, which formally dissolved the previous board and appointed the new members. The notice was sent to both banks’ managing directors for immediate implementation.

Bangladesh Bank’s notification emphasised that the decision was made to safeguard the interests of depositors and ensure strong governance within the bank.