Anwarul Azim Chairman, Osman Ali MD of Social Islami Bank in major shake-up

Social Islami Bank Limited or SIBL has brought major changes to its top management.

The bank's chairman retired major Md Rezaul Haque, Executive Committee chairman Md Anisul Hoque and managing director Shahid Hossain have stepped down.

It has appointed former Chittagong University vice-chancellor Professor Anwarul Azim Arif as Chairman.

First Security Bank Additional MD Kazi Osman Ali has been made MD of SIBL while NRB Global Bank Vice Chairman Belal Ahmed is Chairman of the Executive Committee.

bdnews24.com tried to contact new chairman Anwarul Azim but his phone was found switched off.

"The news is true," his son Chittagong University teacher Iftekhar Arif told bdnews24.com.

An SIBL official, requesting anonymity, said the decision on the new appointments was made at a meeting at Dhaka Westin hotel on Monday.

The changes follow a tug-of-war over the ownership of SIBL that started in the beginning of this year.

United Group bought around 31 percent shares of the bank at the time and tried to take control by nominating directors for the board.

Failing in its move, the Group stopped buying shares of the bank.

Later, 20 organisations affiliated with S Alam Group bought the shares through block trading. They also bought shares from other sources.

The organisations used in buying SIBL shares are Global Trading Corporation, Leon Securities and Investment, Portman Cement, Modern Properties, Prasad Paradise Resort, Unique Investment and Securities, Hasan Abason, Platinum Endeavours, Dynamic Venture, Reliable Enterprise, Paradise International, Leader Business Enterprise, Pushti Vegetable Ghee, Unitex Steel Mills, and Unitex Cement Limited.       

The firms used Al Amin Centre at Dilkusha in Dhaka and S Alam Bhaban in Chittagong as their addresses.