Staff Correspondent

The Bangladesh Bank on Tuesday approved the new board of directors of Oriental Bank and resolved its existing board, said an official of the bank.

The new members of the board are Hadenan bin A Jalil, Nik Hassan bin Nik Mohd Amin, Hasimah binte Ismail, Yap Yong Hoon and Abdul Hafiz Chowdhury.

The board will appoint its chairman and it is expected that Hadenan, a former auditor general of Malaysia, would become the new chairman, he said.

In this process, the earlier one-member board chaired by Taufic A Chowdhury, a former deputy governor of the central bank, would be resolved.

The central bank also issued shares worth Tk 350.67 crore in favour of ICB Financial Group Holding, the buyer of 50.1 stakes in the Oriental Bank.

The office of the Registrar of Joint Stock Companies and the Securities and Exchange Commission earlier gave nod to the central bank’s issuance of shares, he said.

The SEC on Monday allowed the shares of the ailing to be included in the demat process under the central depository system.

The commission suspended the trading of the shares and it would resume after the depositors of the bank get their shares under the Oriental Bank restructuring scheme of the government.

Bangladesh Bank, ICB Group and Oriental Bank on February 28 signed a tripartite agreement to buy the 50.1 per cent stake in the bank.

The group has proposed to change the name of the bank to ICB Islamic Bank and wanted to open a conventional banking wing along with Shariah-based banking.

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