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Bangladesh Bank (BB) has appointed temporary administrators to each of the five struggling Shariah-based banks as part of its plan to merge them into a single entity under the Bank Resolution Ordinance.
Bangladesh Bank (BB) Governor Ahsan H Mansur today (Wednesday) confirmed it at a press conference at the central bank headquarters in the city, BSS reports.
The five banks are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and Exim Bank. Once combined, the merged entity is expected to be named United Islami Bank.
In his speech, Mansur said BB has officially started a significant resolution process involving five commercial banks, marking the commencement of a planned merger intended to strengthen the country's banking system.
According to the BB document, Md. Salah Uddin, Executive Director of the central bank, has been appointed as administrator for SIBL, while another Executive Director, Muhammad Badiuzzaman Didar, has been appointed for FSIB and Executive Director Sawkatul Alam appointed for Exim Bank.
Two directors have been appointed for the remaining banks: Mohammad Abul Hashem for Union Bank and Md Muksuduzzaman for Global Islami Bank.