Merger of five banks to continue: Governor

The merger of five banks into Sammilit Islami Bank will continue uninterrupted, as affirmed by Bangladesh Bank Governor Md. Mostakur Rahman. 

During a meeting on Tuesday afternoon at the governor's office with administrators of the five banks and Bangladesh Bank officials, he emphasised that operations of the merged entity will proceed as planned.

The governor stated that the government will ensure accountability and punishment for those responsible for fund misappropriation in these banks under the previous Awami League administration. 

He also directed swift appointment of a managing director (MD) for Sammilit Islami Bank, confirmed continuation of the current board of directors, and outlined steps to revive factories and subsidiaries under the merged banks, enabling them to resume production. 

Arrangements will be made to settle any foreign dues owed by these institutions.

Sources from the meeting indicated that this clear stance from the governor has dispelled confusion and speculation among some quarters attempting to question the merger process.

This aligns with the governor's earlier remarks last Sunday during a courtesy call by representatives of the Association of Bankers, Bangladesh (ABB). 

He reiterated that all banking sector reforms would persist without yielding to political pressure. 

He also highlighted the interim government's election commitment to support policies creating one crore jobs within the first 18 months, including measures to reopen factories impacted by political changes.

Following the fall of the Awami League government, the interim administration initiated the merger of Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank into Sammilit Islami Bank. 

The new bank launched with a total capital of Tk 35,000 crore, including Tk 20,000 crore from the government and Tk 15,000 crore allocated to depositors. 

Additionally, around Tk 12,000 crore from the deposit insurance fund is being used to support approximately 7.8 million depositors.