Dhaka, Bangladesh (BBN)-The Board of Directors of BASIC Bank Monday appointed Fazlus Sobhan as the managing director (current charge) of the bank.

Sobhan was serving as the senior deputy managing director of the bank.

The new managing director was appointed a day after Bangladesh Bank removed Kazi Faqurul Islam, the managing director of the bank, on charges of negligence of duty and irregularities.

The BB took the strong measures as Islam is accused in violating the banking rules in different areas including sanctioning a loan amounting to BDT 500 million at its Gulshan branch in the capital in 2012.

BBN/MSI/AD-26May14-8:00pm (BST)