Bangladesh Bank takes control of 3 NBFIs, dissolves boards

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 to handle all responsibilities previously held by the boards.
The three NBFIs are Aviva Finance Limited, FAS Finance and Investment Limited, and International Leasing and Financial Services. 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.
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.
FAS Finance similarly confirmed administrator appointments, naming central bank Director Abu Shama Md Ataur Rahman as administrator, with Additional Directors Mohammad Zainu lAbedin 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.
No administrator has yet been appointed at Fareast Finance. A senior central bank official said the administrator appointment for Fareast Finance and Investment Limited remains under way.
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.
A day after declaring the four firms defunct on Aug 9, both stock exchanges suspended their share trading indefinitely.
Bangladesh Bank had declared the company 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.