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18 May 2024

Business Insider Bangladesh

Depositors’ deposit in merged banks will remain completely safe: BB

BI Desk || BusinessInsider

Published: 00:20, 24 April 2024  
Depositors’ deposit in merged banks will remain completely safe: BB

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Bangladesh Bank (BB) has informed that the deposits of individual and institutional depositors in the banks that are under the process of merger will remain completely safe and secure.

Even after the completion of the merger, the accountholders of two merging banks will be able to maintain their respective accounts as before, said BB in a press release issued on Tuesday.

Moreover, the merger process will be completed with the consent of the sponsor directors, the current board of directors and the general shareholders of the banks, reports BSS.

The central bank observed that Bangladesh will officially become a developing nation in 2026. As the country enters the next phase of economic growth, it will need more capable banks and financial institutions to provide effective banking services to its people.

The process of merger will strengthen the financial sector by solving the existing problems of relatively weak banks and at the same time developing the activities of relatively strong banks. Through this, the merged bank-company will be able to provide better services as per public interest.

All the activities of the merger will be carried out by following the policy outlined in BRPD Circular No. 8 issued by Bangladesh Bank on April 4, 2024.

In the press release, BB mentioned that recently, it has been observed that various types of news about bank merger have been published in the electronic, print and social media, which in many cases are not based on factual information.

As different types of confusion are created in the public mind regarding bank mergers, so Bangladesh Bank has published this press release to clarify the matter.