First Security Islami Bank PLC on Tuesday dismissed its managing director, Syed Waseque Md Ali, over loan irregularities.
The board of directors made the decision after receiving approval from the Bangladesh Bank on the day.
The central bank also instructed the bank to take disciplinary action against Ali for mismanagement and irregularities, and to report back on the steps taken.
Waseque Ali had been sent on forced leave in January this year after allegations surfaced over his involvement in irregular loans to companies linked with the S Alam Group.
Bank officials said an internal audit confirmed his role in the irregularities.
Appointed as managing director in March 2015, Syed Waseque Md Ali began his banking career at IFIC Bank and later served at Dutch-Bangla Bank for nearly a decade.
He joined First Security Islami Bank in 2008 as Senior Executive Vice President and was promoted to Deputy Managing Director in 2011.
