Depositors of five merging banks to get money this month, shares ‘wiped out’, says BB governorDepositors at the five Islamic banks set for merger will be able to start withdrawing their money later this month, Bangladesh Bank Governor Ahsan H Mansur has announced. The government is overseeing the formation of a new Shariah-based bank by merging the five existing ones — First Security Islami Bank, Global Islami Bank, Union Bank, EXIM Bank, and Social Islami Bank. Oversight lies with the regulator.”He added that if any bank violates regulations, Bangladesh Bank must intervene. Neither Bangladesh Bank nor the government will bear that burden.”“We are not recovering money from shareholders even though they have gone negative. Earlier in the day, Bangladesh Bank officially launched the process of merging the five financially distressed banks.
