Sonali Bank, BDBL sign MoU for merger

Sonali Bank PLC and Bangladesh Development Bank (BDBL) PLC on Sunday signed a Memorandum of Understanding (MoU) to start proceedings to merge their operations.

The development comes after the state-run bank last month got approval from its board to merge with Sonali Bank, the largest bank in the country.

Bangladesh Bank Governor Abdur Rouf Talukder, Sonali Bank Chairman Ziaul Hasan Siddiqui, its Managing Director and CEO Md Afzal Karim and BDBL Chairman Shamima Nargis and its Managing Director Md Habibur Rahman Gazi were present, among others, at the event.

Following the signing, Sonali Bank Managing Director Afzal Karim reassured BDBL Bank employees that the merger with Sonali Bank would not be a cause for concern.

"The unified entity would be stronger. Bangladesh Bank will initiate further steps by appointing an audit firm," he added.

In 2009, Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha merged to form BDBL.