Islamic Bank’s president resigns

Posted by on Jul 1st, 2013 and filed under ASIA, Islamic Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Thanin Angsuwarangsi has tendered his resignation as the president of Islamic Bank of Thailand, only after six months in office. The bank’s board of directors announced that his resignation has been approved. Thanin’s decision followed employees’ pressure. Over 1,400 employees signed the petition to the board, saying that a number of the president’s decisions caused damage to the bank. Among the allegations, Thanin was alleged of ordering bank executives to cancel a lending and loan disbursement procedure, which affected borrowers financially and resulted in higher non-performing loans. The employees pointed out that the bank’s NPLs rose from Bt24 billion in November 2012 to over Bt38 billion in April 2013.

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