Dhaka, Bangladesh (BBN) – The central bank has extended the time frame of implementation of the Oriental Bank Ltd. (Reconstruction) Scheme, 2007 for three years more in line with the management of the ICB Islamic Bank Ltd.’s request.
The scheme will be continued on May 4, 2021 instead of May 4, 2018, according to a notification, issued by the Bangladesh Bank (BB) on Thursday.
Under the latest directive, the ICB Islamic will have to repay BDT 2.0 million in every six months to a client concerned in next three years.
After the three years, the bank has to repay BDT 5.0 million in every six month in next one and half years.
“We’ve extended the repayment schedule in line with the ICB Islamic Bank request,” a BB senior official told BBN in Dhaka.
The Oriental Bank that suffered a severe financial crisis was taken over by the central bank on June 19, 2006 to protect the depositors’ interest.
The central bank then appointed an administrator to run the bank temporarily.
Letter on, the Switzerland-based ICB Financial Group, operating from Malaysia, took over the management of the Oriental Bank Limited through purchasing over 50 per cent shears of the bank at BDT 3.506 billion.