BB gets five merger proposals from banks
No new proposal will be accepted before the completion of the five, BB says
The central bank got five merger proposals from banks and now plans not to receive any more applications for the time being before the completion of the initial bids.
Under the five proposals, state-run Sonali Bank wants to acquire Bangladesh Development Bank Ltd (BDBL) and Bangladesh Krishi Bank (BKB) wants to take over Rajshahi Krishi Unnayan Bank (Rakub).
Private commercial City Bank wants to acquire state-run BASIC Bank while United Commercial Bank plans to buy problematic National Bank and Shariah-based Exim Bank wants to absorb scam-hit Padma Bank.
Bangladesh Bank Executive Director and Spokesperson Md Mezbaul Haque told The Daily Star that the managing directors and chairmen of the respective banks had verbally informed the central bank about the planned merger.
"These are voluntary merger proposals and the lenders will apply to the central bank formally after the plan is approved at their board meeting."
"We will work on the five proposals at this moment. We will receive more proposals after completing the merger of the five proposals."
More to follow….