Bangladesh Bank has dissolved the boards of three non-bank financial institutions (NBFIs) declared “defunct”, appointing administrators to run them in place of their directors.
Administrators will now handle all responsibilities previously held by the boards, bdnews24.com reports.
The three NBFIs are Aviva Finance Limited, FAS Finance and Investment Limited, and International Leasing and Financial Services.
A senior central bank official said the administrator appointment for Fareast Finance and Investment Limited remains under way.
The company's Secretary Ekramur Rahman, told bdnews24.com on Tuesday: "No administrator has been appointed at Fareast Finance as of now."
Of the four firms, all except Aviva Finance are listed on the country's stock market.
A day after declaring the four firms defunct on Aug 9, both stock exchanges suspended their share trading indefinitely.
International Leasing and Financial Services informed investors via the Dhaka Stock Exchange (DSE) website on Tuesday that its board was dissolved under the Bank Resolution Act, 2026.
The firm said Bangladesh Bank had declared it a non-functional finance company under the law “to maintain financial sector stability and capacity, restore good governance, protect depositors and investors, and rebuild public confidence in the financial sector”.
The board was dissolved and the managing director/chief executive officer was relieved of their duties as part of the resolution process, it added.
Bangladesh Bank Director Mohammad Iqbal Hossain was appointed administrator at the firm, with Additional Directors Farid Uddin Ahmed and Zahirul Islam Bhuiyan named co-administrators.
Both have already assumed their roles.
FAS Finance similarly confirmed administrator appointments, naming central bank Director Abu Shama Md Ataur Rahman as administrator, with Additional Directors Mohammad Zainul Abedin Bashir and Roksana Akter as co-administrators.
At Aviva Finance, the other listed firm, central bank Director Alauddin Hossain was appointed administrator, with Additional Directors AKM Golam Mahmud and Mahbubur Rahman named co-administrators.
