Five-bank merger to continue seamlessly, says cenbank governor
According to officials present, the governor emphasised that measures taken regarding the banks during the interim government will remain in force and must be implemented swiftly
Bangladesh Bank Governor Md Mostaqur Rahman assured that the newly formed Sammilito Islami Bank, created by merging five banks, will continue its operations without disruption, during a meeting today (March 3) with the banks' administrators and senior Bangladesh Bank officials.
According to officials present, the governor emphasised that measures taken regarding the banks during the interim government will remain in force and must be implemented swiftly.
He added that those responsible for embezzling funds from the banks would face appropriate action, with the government ensuring accountability for misappropriated funds from the period of the previous Awami League government.
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Md Mostaqur Rahman also stated that the MD appointment process at the Sammilito Islami Bank will be completed as quickly as possible, and the current board of directors will remain in place.
He called for initiatives to revive factories under the five banks' portfolios and to ensure that they resume production.
Any outstanding foreign obligations of these enterprises will also be addressed promptly. Officials said the governor's statements dispelled any uncertainty surrounding the bank merger.
Earlier, on Sunday (March 1), the governor conveyed a similar message to representatives of the Association of Bankers, Bangladesh (ABB), assuring that ongoing reforms in the banking sector would continue and that he would not bow to political pressure.
He also highlighted government plans to provide policy support for the creation of one million jobs within the first 18 months and to revive closed factories to support this initiative.
The Sammilito Islami Bank is being formed by merging Exim, Social Islami, First Security Islami, Union, and Global Islami banks, with a total capital of Tk35,000 crore, of which the government contributed Tk20,000 crore.
Depositors will receive the remaining Tk15,000 crore, and approximately 78 lakh depositors will receive Tk2 lakh each from the deposit insurance fund, totalling Tk12,000 crore
