The business continuity of Sonali Bank UK Ltd (SBUK) has become a major concern since its reputation took a serious hit in both Bangladesh and United Kingdom, said a Bangladesh Bank report. The central bank voiced its concerns in a report titled “Comprehensive Inspection Report on Sonali bank (UK),” which was sent to Financial Institutions Division under the Ministry of Finance last week. Sonali Bank sought consent from the central bank to transfer Tk171 crore to its operation in the UK that is suffering from cash crunch in 2017. Sonali Bank UK Ltd was set up jointly by the government and the state-run commercial bank in 2001 with a capital of £11.57 million. The government owns 51% of the shares, while the remainder is owned by Sonali Bank.

Source: Dhaka Tribune October 17, 2017 06:45 UTC