Bangladesh
Bangladesh Bank restricts 6 S Alam-controlled banks from giving loans, opening import LCs
The banks are Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank, and Bangladesh Commerce Bank
Bangladesh Bank. File Photo: Mehedi Hasan/TBS
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Bangladesh Bank. File Photo: Mehedi Hasan/TBS
The Bangladesh Bank has imposed restrictions on giving loans and prohibited opening import LCs for six banks under the control of the S Alam Group.
The banks are Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank, and Bangladesh Commerce Bank, Md Mejbahul Haque, spokesperson of the Bangladesh Bank, told The Business Standard.
A senior official of the central bank said these six banks will not be able to distribute new loans or renew existing ones until further notice.
Additionally, these banks will no longer be able to open new import LCs from now on.
