2024-04-21 01:37:38
The board of directors of the bank has taken the final decision regarding the merger of the state-owned ‘Sonali Bank Plc’ with the ‘Bangladesh Development Bank Plc’ (BDB) in the ongoing process of merger of various banks. Sources said that the matter has been informed through a letter to the Financial Institutions Department of the Ministry of Finance.
On April 8, the 21st emergency meeting of the Board of Directors of Bangladesh Development Bank was held under the chairmanship of Shamima Nargis, Chairman of the Board. Director Md. Ekhlachur Rahman, Md. Abu Hanif Khan, Subhash Chandra Sarkar, Kazi Shairul Hasan, Md. Azizur Rahman, KM Tariqul Islam and Managing Director and CEO of the bank Md. Habibur Rahman Gazi were present in the meeting.
Kamal Uddin Molla, company secretary of the bank performed secretarial duties in the meeting.
According to sources, an informal meeting was held in the office of the Governor of Bangladesh Bank on April 3 in the presence of Chairman and Managing Director and CEO of Bangladesh Development Bank and Sonali Bank. In that meeting, the merger of Bangladesh Development Bank with the state-owned bank Sonali Bank was discussed in order to further strengthen the financial condition of the bank.
According to sources, later Bangladesh Bank issued ‘Policies to be followed for Bank-Company Mergers’ through BRPD Circular No-08 on April 4. In the light of that policy, a meeting of the board of directors of BDB was held on April 8 of the board of directors of Bangladesh Development Bank regarding the merger of the two banks through the mediation of Bangladesh Bank.
It was decided in the meeting, ‘Policies to be followed for merger of Bank-Company’ issued by Bangladesh Bank through BRPD Circular No-08 dated 4-04-2024 were informed. Pursuant to the directives of the meeting held with the Governor of Bangladesh Bank on 3rd April and in the light of Clause 3(1) of the ‘Policy on Amalgamation of Bank-Company’ issued by Bangladesh Bank vide BRPD Circular No-08, dated 4-04-2024, ‘Sonali Bank Plc. The proposal for the merger of Bangladesh Development Bank Plc with ‘- has been approved.’
In the meeting, a letter will be sent to take policy approval of Bangladesh Bank for the proposed merger of Bangladesh Development Bank PLC with Sonali Bank PLC. Along with that, the entire matter will be informed to the banks and financial institutions of the Ministry of Finance. In light of this, Bangladesh Development Bank sources informed that a letter was sent to Bangladesh Bank on April 16 and Financial Institutions Department on April 17, informing the decision of the Board of Directors of Bangladesh Development Bank.
On condition of anonymity, a senior official in Bangladesh Development Bank said, Sonali Bank is the largest bank among the state banks. On the other hand, Bangladesh Development Bank also has a lot of resources, besides the bank also has acceptance. As a result, both parties will benefit. If these two banks are merged, they will be able to play a strong role in the financial sector.