What Bangladesh Bank said about bank merger

The Central Bank has issued a press release to clear the confusion and clarify the public about the merger of banks.

In the press release sent to the media on Tuesday (April 23), Bangladesh Bank says that recently it has been observed that various types of news about bank mergers have been published in various electronic, print and social media, which in many cases are not based on real information. As a result, various types of confusion are being created in the public mind regarding bank merger.

Bangladesh Bank is working on ‘Bank Consolidation’ mainly with two objectives—

1) Bangladesh will be established as a developing economy country in 2026. As a result, more capable banks and financial institutions will be needed in the country to provide effective banking services in the developing economy so that there is no hindrance in the investment in economic development.

2) To strengthen the financial sector by solving the existing problems of relatively weak banks and at the same time developing the activities of relatively strong banks; So that the merged bank-company can provide more services in public interest. To remove the confusion created in the public mind, Bangladesh Bank informs everyone about the purpose and results of bank merger that,

a) Deposits of individual and institutional depositors in the banks under the process of merger will be completely safe and secure. Even after the completion of the merger, the current account of the account holders of respective banks will continue as before.

b) The merger process will be completed on the basis of the consent of the entrepreneurial directors, current board and common shareholders of the banks covered by the merger.

c) All activities of the merger will be carried out following the policy outlined in BRPD Circular No. 8 issued by Bangladesh Bank on April 4.

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