Prime Minister Sheikh Hasina recently announced plans to merge the struggling Padma Bank with another banking institution to protect its customers and stabilise the financial sector. The government has endorsed this approach, under which the central bank will categorise the beleaguered banks as vulnerable. A senior official from Bangladesh Bank said that Padma Bank might be merged with the state-owned Sonali Bank, although this has yet to be confirmed. As part of the plan, Sonali Bank's Managing Director Afzal Karim has been named chairman of Padma Bank. The central bank also believes the number of operational banks in the country should be reduced, although the details are still being finalised.

Source: bd News24 February 13, 2024 04:55 UTC