Dhaka, Dec. 29 -- Bangladesh Bank has instructed the removal of SM Intekhab Alam as the chief executive officer of non-bank financial institution Phoenix Finance and Investment over 'involvement' in loan disbursement irregularities.

Following the instructions from the central bank's Financial Institution and Markets department, Intekhab was 'temporarily suspended' on Thursday. Another CEO is to be appointed to take his place.

The letter stated that, due to Intekhab's "involvement" in activities against the interests of institutions and depositors, including loan irregularities, he is suspended and attached to the Human Resources Department.

Intekhab's three-year contract for his fourth term as CEO of Phoenix Finance was to expire on De...