Five Banks to Merge Under Bangladesh Bank Initiative; First Security Islami Bank Voices Support

 Bangladesh Bank has initiated the process to merge five banks. In this regard, First Security Islami Bank has expressed support for the merger.

After a meeting with Bangladesh Bank Governor Ahsan H. Mansur on Tuesday, the bank’s chairman Mohammad Abdul Mannan said, “We have no objection to Bangladesh Bank’s decision. However, the central bank will ensure that depositors do not suffer any losses.”

Chairman Abdul Mannan further noted, “S. Alam took nearly BDT 38,000 crore in benami (anonymous) loans from this bank. Due to the inability to take loans under his own name, he had to resort to benami loans. The bank has faced such a crisis because these loans have not been recovered.”

The meeting was attended by Deputy Governor Dr. Kabir Ahmed and senior officials from relevant departments of Bangladesh Bank.