Five-bank merger to go smoothly BB Governor

Staff Reporter :

Bangladesh Bank Governor Md Mostaqur Rahman has assured that the newly formed Sammilito Islami Bank—created through the merger of five banks—will continue operations without interruption.

The assurance came during a meeting on Tuesday with the banks’ administrators and senior Bangladesh Bank officials.

Officials present said the governor stressed that all measures implemented
for the banks during the interim government will remain in effect and must be executed promptly.

He also warned that individuals responsible for embezzling funds from the banks will face strict action, with the government ensuring accountability for misappropriations dating back to the previous Awami League administration.

Md Mostaqur Rahman further stated that the managing director appointment process at Sammilito Islami Bank will be completed as soon as possible, while the current board of directors will continue in their roles.

He urged initiatives to revive factories under the banks’ portfolios, ensuring they resume production, and emphasized that any outstanding foreign obligations of these enterprises will be addressed swiftly.

Officials noted that his remarks helped dispel uncertainties surrounding the merger.

Earlier, on Sunday the governor conveyed similar assurances to representatives of the Association of Bankers, Bangladesh, reaffirming that banking sector reforms would continue independently of political pressures.

He also highlighted government plans to create one million jobs within the first 18 months and to revive closed factories as part of this initiative.

The Sammilito Islami Bank is being formed by merging Exim Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank, with a total capital of Tk35,000 crore.

Of this, the government contributed Tk20,000 crore, while depositors will receive Tk15,000 crore. Around 78 lakh depositors will be paid Tk2 lakh each from the deposit insurance fund, totaling Tk12,000 crore.