UB Agrees to Merger: S Alam group embezzles Tk 280b

Staff Reporter :

In a meeting with Bangladesh Bank, Union Bank (UB) has accused S Alam Group of embezzling Tk 280 billion from it.

Union Bank PLC claimed that S Alam Group siphoned off Tk 280 billion from the bank. The individuals in whose names the money was withdrawn cannot even be traced. As a result, the bank is struggling to return depositors’ money.

Union Bank Chairman M Farid Uddin said this after a meeting with Bangladesh Bank on Wednesday.

Following the initiative with First Security Islami Bank , Union Bank has also agreed to a merger. The bank conveyed this position at the meeting held in the central bank’s conference room.

Bangladesh Bank Governor Dr Ahsan H. Mansur joined the meeting virtually. Four deputy governors and officials of the Resolution Department were also present.

Along with Chairman M Farid Uddin, Union Bank Managing Director Humayun Kabir also attended. After the meeting, Farid Uddin further said, “Depositors are coming to withdraw their money.

We cannot pay them. That’s why the quicker decisions are made regarding these banks, the better.”

In the afternoon, a meeting will be held with EXIM Bank. Tomorrow, Thursday, there will be meetings with Global Islami Bank in the morning and Social Islami Bank in the afternoon.