Social Islami Bank Ltd (SIBL) saw the resignation of its Managing Director, Zafar Alam, and Deputy Managing Directors, Habibur Rahman and Khorshed Alam, on Wednesday, following the Bangladesh Bank’s significant reformation of its board.

Zafar Alam confirmed the resignation, stating that he submitted his resignation letter to the newly appointed board of directors.

These top executives are believed to have close ties to Mohammad Saiful Alam, the Chattogram-based owner of S Alam Group. Zafar Alam’s tenure as managing director was initially set to continue until December 2023.

The Bangladesh Bank’s decision to reconstitute SIBL’s board came after the fall of the Awami League government on August 5, amid widespread public unrest. The move effectively removed the bank from the control of the S Alam Group, which had previously held significant influence over its operations.

In a related development, a case was filed against Zafar Alam and the bank’s former chairman Belal Ahmed—Saiful Alam’s son-in-law—on allegations of an assault on a bank employee. The case was registered at the Motijheel Police Station on Tuesday, further adding to the turmoil surrounding the bank’s leadership.