Switzerland-based ICB Financial Group purchased 53 per cent of shares in ICB Islamic Bank (formerly Oriental Bank) through an open auction called by Bangladesh Bank, but the group no longer holds control over the bank.

The foreign group invested Tk 3.5 billion in the bank in 2008 in compliance with the auction terms.

Meanwhile, former investors of Oriental Bank filed lawsuits, thus, withholding the sale and purchase of the bank’s shares.

As a result, ICB Financial Group's investment in the bank got stuck. As the financial condition of ICB Islamic Bank continued to deteriorate, Bangladesh Bank dissolved the bank’s board of directors in April this year.

Currently, a central bank official is serving as chairman and managing director of the bank.