Switzerland-based ICB Financial Group acquired 53 per cent shares of Oriental Bank at an auction of Bangladesh Bank in 2007 and renamed it to ICB Islamic Bank.
In the meantime, investors of Oriental Bank filed lawsuit, prompting the court to issue a stay order on the sale of the bank shares, thus, the foreign firm could not entirely get the control over the bank. Since then, the bank’s financial condition continued to deteriorate, and finally the Bangladesh Bank dissolved its board of directors in 2025 and took over the bank.
Regarding this, Bangladesh Bank spokesperson Arif Khan told Prothom Alo ICB Financial Group invested in the bank with enthusiasm, but they could not get entire control because of legal issues. If legal issues are resolved with the help of the state, foreign investors would be interested in Bangladesh.
