Bank Rakyat's board of directors, at its special meeting, has appointed one of its members as acting chairperson.

In a statement today, Bank Rakyat said, the appointment was made after getting an approval from Domestic Trade, Co-operatives and Consumerism, Hamzah Zainuddin.

The bank said the special meeting also agreed to immediately set up a Board Oversight Committee (BOC) to which the management will report.

"Among the duties of the BOC are to ensure smooth operations of the bank and compliance to the standards set by Bank Negara Malaysia in its banking processes," it said.

It said the bank will identify the steps to be taken to improve its management.

"The management will ensure that Bank Rakyat will operate its business as usual and continue to serve its customers with no disruption to its business," it said.

- Bernama