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Bank & Finance - April 18, 2024

BB won’t accept anymore merger proposals

Staff Correspondent : The Bangladesh Bank has decided not to accept any further proposals for bank mergers at the moment, as it has already received five proposals for mergers.
State-run Sonali Bank aims to acquire Bangladesh Development Bank Limited, while Bangladesh Krishi Bank intends to take over Rajshahi Krishi Unnayan Bank.
Private commercial City Bank is seeking to acquire troubled state-run BASIC Bank, United Commercial Bank plans to take over crisis-hit National Bank and Shariah-based EXIM Bank hopes to acquire scam-hit Padma Bank, according to a senior official of the central bank.
According to MdMezbaulHaque, executive director and spokesperson for the Bangladesh Bank, these proposed mergers will need to be formally submitted to the central bank after they are approved at the respective banks’ board meetings.
At present, the Bangladesh Bank will focus on evaluating and processing these five proposals.
Mezbaul stated that after completing the valuation and merger processes, the central bank might consider allowing more proposals. The merger of banks involves several procedures, including appointment of auditors, assessment of assets and liabilities, determination of share prices, allocation and legal processes.
Mezbaul emphasized that by implementing these five proposals, the Bangladesh Bank would gain valuable experience in managing bank mergers.

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