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Bangladesh is set to experience its first-ever voluntary merger in the banking industry as EXIM Bank has decided to merge with Padma Bank Limited.
The decision came from a board meeting of Exim Bank at its headquarters on Thursday, said Md Nazrul Islam Mazumder, chairman of EXIM Bank’s Board of Directors.
The whole process of the merger will be fixed by lawyers of both the commercial banks following the guidelines of the central bank, he said.
“We have already finalised the draft of the MoU that will be signed on Monday next in presence of Bangladesh Bank Governor Abdur Rouf Talukder,” said Mr Mazumder, who also leads the bank owners’ apex body – Bangladesh Association of Banks (BAB) – as its chairman.
A press conference will follow the signing of MoU that day, he said.
Exim Bank is listed on the stock market, but Padma Bank, previously known as Farmers Bank, is not registered with the capital market.