BASIC bank gets Awal Khan as new MD

Bank Chairman

MNA Business Desk: The government has appointed Muhammad Awal Khan Managing Director of the BASIC bank, which is recovering from a loan scam.

The Financial Institutions Division of the Ministry of Finance has made the appointment for three years. He is replacing Khandaker Md Iqbal whose tenure ended on Sept 28.

Chairman of the governing body of the troubled bank, Alauddin A Majid said he received a letter from the ministry confirming the new appointment on Monday.

Awal’s appointment came through a search committee headed by Majid, which was formed after Sept 28. Two other members of the committee were director of the bank, Begum Parag and Additional Secretary at the division Md Fazlul Haque.