New chairman, vice chairman for Padma Islami Life

Padma Islami Life Insurance has recently elected NRM Borhan Uddin as its first chairman after a change in the company's ownership.

The board of directors of the insurer also elected Dewan Nurul Islam as its vice chairman, at a meeting on October 21, the company said in a statement yesterday.

Borhan Uddin is the former vice chancellor of City University while Islam is the president of the Institute of Chartered Accountants of Bangladesh and a former director of Jamuna Oil Company.

S Alam Group has recently bought nearly 45 percent stakes in Padma Islami at an estimated cost of Tk 45 crore, as part of the group's plan to increase its influence on the insurance sector. Mohammed Saiful Alam, chairman of the group, bought 2.52 percent shares in his own name, 2.71 percent in his wife's name—Farzana Parveen—and 4.75 percent his son Ahsanul Alam.

Five companies—Unitex Petroleum, Unitex LP Gas, Pavilion International, Affinity Assets and Crest Holdings—with affiliation with S Alam Group bought the remaining 35 percent. The business group also has ownership in two Islamic banks and it has plans to purchase stakes in two more Islamic insurance companies, industry insiders said.