State-owned Sonali Bank will merge with another state-owned bank Bangladesh Development Bank or BDBLK. A meeting of the board of directors of both banks was held on Monday (April 8) regarding this. In the meeting, the board of both the banks agreed to merge.
Now the decision of the board of both the banks will be officially informed to Bangladesh Bank. After that, the merger process will continue as per the instructions of Bangladesh Bank. That is, Bangladesh Bank will give the final decision.
Earlier, private sector Padma Bank signed a memorandum of understanding with Exim Bank on March 18 to merge. After the merger, it is said to operate under the name Exim Bank.
On the other hand, distressed Basic Bank is merging with the private sector City Bank after EXIM-Padma. The senior officials of the two banks are saying that they are merging on their own initiative.
State owned Bangladesh Development Bank (BDBL) is merging with Sonali Bank. After receiving the approval of Bangladesh Bank, Sonali Bank will do the rest of the acquisition of BDBL.
A senior official of BDBL told Jago News that Bangladesh Bank’s directive regarding the merger was agreed by the board when it was brought up to the board on Monday. That is, BDBL agrees to merge with Sonali Bank. The decision of the board will be informed to Bangladesh Bank soon. The next process will be completed as per the instructions of Bangladesh Bank.
A DMD of Sonali Bank said the same. Their board also approved the acquisition of BDBL today.
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According to a source in Sonali Bank, Sonali Bank analyzed the financial reports of BDBL and made a summary after getting a hint from Bangladesh Bank. which was presented to the Board of Directors on Monday. Board approves merger of BDBL with Sonali. The details of the merger will be set out in the settlement agreement with the central bank.
Last Wednesday afternoon, in a meeting with the managing directors of the state-owned banks, Bangladesh Bank informed about the merger of weak banks with strong ones. The next day, Thursday, Bangladesh Bank released the full policy on the merger process. Banks can choose which bank to merge with.
EAR/MKR/ASM
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