BB withdraws administrator from EXIM Bank

Following the withdrawal, EXIM Bank's operations will now be managed under the direct supervision of the Board of Directors and the managing director of Sammilito Islami Bank.

The central bank issued an official letter on Thursday directing the removal of the administrator and his team, implementing a decision made during a BB Board of Directors meeting held on Wednesday.

During the previous interim government's tenure, EXIM Bank, Social Islami Bank, First Security Islami Bank, Union Bank and Global Islami Bank were merged to form Sammilito Islami Bank PLC. At the time of the merger, the boards of directors of the respective banks were dissolved, managing directors were removed, and Bangladesh Bank appointed administrators to oversee daily operations.

In June, the government appointed Quazi Shairul Hasan as chairman of the Board of Directors of Sammilito Islami Bank and Abedur Rahman Sikder as its MD.

Following the assumption of duties by the new board and management authority, the central bank decided to phase out administrators from the merged banks.

In line with that decision, Administrator Sawkatul Alam and his representatives were withdrawn from EXIM Bank on Thursday.

Central bank officials indicated that administrators from the remaining four merged banks will also be withdrawn in phases by August, reports UNB.