General Manager of the BB Rafiul Alam will now monitor credit disbursement of IFIC bank.

The observer will attend board meetings of the bank and monitor any irregularities in its operations.

The BB took the step in the light of happenings at Oreiental Bank following change of its ownership. New directors of the Bank allocated huge loans in favour of them.

Seven persons including a ruling BNP lawmaker and businessmen, who bought sponsor shares of IFIC Bank from its previous directors, have been elected its new directors.

They are Mosaddek Ali, MP, Hossain Al Masum, chairman of Jubok Housing & Real Estate Development Ltd, Sabih Ul Alam, director of Jubok Ceramic Industries Ltd, Lutfar Rahman Badal, Shahidul Haque, Enayetur Rahman and Masud Reza Bhuiyan.

The central bank is currently monitoring nine private commercial banks under its early warning system. Of those, IFIC Bank and another one now have observers appointed by it.

Sources noted that the BB usually does not appoint observer for any bank under its early warning system if the bank does not have management crisis.

Four other commercial banks including Oriental Bank that are on the BB's problem bank list have such observers.