The Bangladesh Development Bank Limited (BDBL) and the Rajshahi Krishi Unnayan Bank (RAKUB) will amalgamate to form the Bangladesh Krishi Bank (BKB) and Sonali Bank, respectively, as per the government’s decision.
The judgment was communicated individually to the chairmen and managing directors of the individual banks on Wednesday by Bangladesh Bank, the regulator of the banking industry.
Key participants in the decision-making process included executive director Saiful Islam, deputy governor Nurun Nahar, advisor Abu Farah Naser, and governor Abdur Rauf Talukder of Bangladesh Bank.
They informed the banks in question that a thorough policy regarding the bank merger would be released shortly by the regulator. The merger procedure will then begin, and the boards of directors of the individual banks will make the final choices in accordance with the policy.
The sources state that on Wednesday, the managing directors and chairmen of the four banks were summoned to the central bank without any previous notification or indication of the agenda.
The government’s decision about the merger was communicated to the representatives of the BDBL and Sonali Bank during a meeting. Subsequently, a comparable gathering apprised the BKB and RAKUB’s top executives of the merger decision.
Prior to this, on March 25, two private sector banks, EXIM Bank and Padma Bank, signed a merger agreement.
Currently, two state-run banks that are not doing well are being merged with two other banks by the government. Employees shouldn’t be afraid about their jobs, according to industry insiders, as state-run banks are merging with comparable ones.
