BB appoints administrator to Aviva Finance

Bangladesh Bank has appointed an administrator to Aviva Finance Limited to ensure uninterrupted operations of the non-bank financial institution.

According to an official order issued by the central bank yesterday, Hasan Tarek Khan, a director at the Financial Institutions and Markets Department of Bangladesh Bank, has been temporarily assigned as the administrator.

In his new role, he will exercise the powers and responsibilities of the managing director and chief executive officer of Aviva Finance Limited.

Khan will be relieved of his current duties at the end of the working day on April 27 to take up the new assignment, the order said, adding that the decision was approved by the competent authority.

Aviva Finance Limited, formerly Reliance Finance Limited, was rebranded in 2020 as a shariah-based non-bank financial institution. It offers a range of deposit and investment products, including specialised schemes such as Aviva Nafiha for women.

The central bank had earlier reconstituted the board of the institution following the political transition in August 2024, appointing an independent board to stabilise operations.

However, the company has been struggling due to the prolonged absence of a managing director and a high volume of non-performing loans, which have disrupted its normal business activities. Many customers have reportedly been unable to withdraw their funds, prompting occasional protests.

Allegations have also surfaced that a significant portion of loans was disbursed irregularly during the previous regime, including to entities linked to S Alam and PK Halder, making recovery difficult.

The company was renamed Aviva Finance after Halder’s departure, but it has yet to recover from its financial distress.