Following the formal initiation of the process to merge five financially distressed Shariah-based private banks, Bangladesh Bank Governor Ahsan H Mansur has identified several challenges in stabilising the new bank. A contract was signed under Bangladesh Bank’s direct supervision to merge private Padma Bank (formerly Farmers Bank) into another private bank, Exim Bank. The other four banks are First Security Islami Bank, Global Islami Bank, Union Bank, and Social Islami Bank. Mansur said, “We will bring in professionals, and it will operate like a private bank. “Over time, salary structure nationalisation will be implemented gradually.”The proposed bank will be named “Sammlito Islami Bank”.
