NN ONLINE:
The Dhaka Stock Exchange (DSE) has suspended trading in the shares of five Islamic banks that are currently in a consolidation process.
In a notice dated Thursday, November 6, the DSE said transactions for First Security Islami Bank, Social Islami Bank (SIBL), EXIM Bank, Global Islami Bank, and Union Bank would remain halted until further notice.
The exchange attributed the suspension to Section 15 of the Bank Resolution Ordinance, 2025, under which the banks were declared non-operational as of November 5. The DSE said the banks informed them that Bangladesh Bank issued a letter on November 5 stating these banks would now operate under the Bank Resolution Ordinance, 2025, and another letter from Bangladesh Bank dissolved the boards of directors.
Separately, during a press conference on Wednesday, Bangladesh Bank Governor Dr. Ahsan H. Mansur stated that the shareholders’ equity in the five banks has fallen below zero, rendering the shares worthless. He added that no compensation would be provided to investors.
