SBAC Bank gets new chairman, vice-chairman

Abdul Kadir Molla has been elected as the chairman of South Bangla Agriculture & Commerce (SBAC) Bank Limited and AZM Shofiuddin as vice-chairman of the bank.

They were elected in the bank’s 126th board meeting on Sunday.

Abdul Kadir Molla has been a sponsor director since the inception of the bank in 2013.

He is also the founder chairman and managing director of Thermex Group Limited.

Earlier on September 7, outgoing chairman of SBAC SM Amzad Hossain stepped down from his post citing health issues.

On August 19, the Anti-Corruption Commission started a probe into allegations of money laundering against Amzad.

He faces several other allegations, including misusing power and laundering money by opening various shell companies in home and abroad.

In March this year, the Bangladesh Financial Intelligence Unit of the central bank froze accounts of Amzad, his wife, and daughter for 30 days on graft charges.