The Bangladesh Bank (BB) has dissolved the board of directors of the IFIC Bank PLC.

The central bank has also formed a new board for IFIC Bank with the appointment of four independent directors and two representatives from the government, according to a letter issued by the central bank today.

The independent directors are former managing director of the National Bank Limited (NBL) Md Mehmud Hossain, former executive director of the Bangladesh Bank Ebtadul Islam, Professor of the BRAC University Economic Department Sazzad Zahir and Chartered Accountant Kazi Md Mahbub Kashem.

Representatives from the government are Additional Secretary of the Finance Division Md Golam Mostafa and Joint Secretary of the Finance Division Muhammad Manzarul Haque.