Govt rejects 'baseless rumours' of investor losses in 5 Islamic bank merger, asks all to remain vigilant
The government has rejected claims circulating on social media that investors could face losses due to the proposed merger of five Islamic banks, calling the rumours "baseless and misleading."
In a statement issued today (13 October), the Ministry of Finance said a vested quarter was deliberately spreading misinformation about the ongoing merger process.
"No government decision has been taken that could harm investors' interests," the statement said, adding that "the matter of protecting investors' interests is being carefully examined in the merger process."
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The ministry urged all concerned to remain vigilant against "misleading and fabricated information" circulating online.
On 9 October, the Advisory Council, chaired by Chief Adviser Muhammad Yunus, approved the merger of First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank to form a new government-backed bank with the largest paid-up capital of Tk35,000 crore.
As per the approval, the Finance Division will initially manage the bank on behalf of the government, with gradual transfer to the private sector.
Responding to journalists' questions after the Advisory Council meeting, chief adviser's Press Secretary Shafiqul Alam assured that no employees of the five banks would lose their jobs and all individual depositors would be reimbursed.
The Finance Division will take necessary legal action against owners, board members, and officials involved in financial mismanagement and corruption in the five banks.
