BB imposes restrictions on 6 S Alam-controlled banks

Bangladesh Bank (BB) has imposed restrictions on giving loans and prohibited opening Letters of Credit (LCs) for import in six banks under the control of the S Alam Group.

Md Mezbaul Haque, Spokesperson of the Bangladesh Bank, confirmed it, saying these six banks will not be able to distribute new loans or renew existing ones until further notice.

The banks are- Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank and Bangladesh Commerce Bank.