New merged bank to be launched next week: BB Governor

The new bank being formed by merging five Shariah-based banks will be launched within the next week, said Bangladesh Bank Governor Ahsan H Mansur today.

The bank will begin operations with Tk 35,000 crore of capital, the highest in Bangladesh, he said while speaking at an economic conference at Pan Pacific Sonargaon Dhaka.

The bank is being established under the Bank Resolution Ordinance framed earlier.

The five banks to be merged are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank.

The government will provide Tk 20,000 crore, while the remainder will come from the merged institutions.

Earlier in October, the government approved the merger of five troubled Shariah-based commercial banks into a new state-run Islamic lender named Sammilito Islami Bank Limited.