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Sonali Bank PLC and Bangladesh Development Bank PLC signed a memorandum of understanding (MoU) on Sunday to begin the proceedings to merge their operations.
The MoU was signed in a programme at Bangladesh Bank in accordance with the central bank's vision for more integration and dynamism in the banking sector of Bangladesh.
The development comes after the state-run Bangladesh Development Bank PLC (BDBL) got approval from its board to merge with the state-owned Sonali Bank a month ago.
Bangladesh Bank Governor Abdur Rouf Talukdar was present as the chief guest in the programme, according to a media release.
In the presence of Sonali Bank Chairman Ziaul Hasan Siddiqui and Bangladesh Development Bank Chairman Shamima Nargis, the MoU was signed by Sonali Bank PLC Chief Executive Officer Md Afzal Karim and Bangladesh Development Bank Managing Director and CEO Md Habibur Rahman Gazi.
Sonali Bank PLC Chief Executive Officer Md Afzal Karim said that with the amalgamation of two strong banks, all the interests of customers would be preserved; there is no cause for anyone to panic. Besides, no employees or officials will lose their jobs, as both are state-owned banks, he added.
Bangladesh Bank Policy Advisor Abu Farah Md Naser, Deputy Governor Nurun Nahar, Deputy Managing Directors of both signing banks, and other top officials were present on the occasion.