Padma-EXIM sign MoU, merged bank to run as EXIM

The private sector Padma Bank has signed a Memorandum of Understanding (MoU) with the EXIM Bank with an aim of merger. It is learnt that after the merger it will operate under the name EXIM Bank.

The MoU has been signed at the Bangladesh Bank office today, Monday. EXIM Bank MD Feroz Hossain and Padma Bank MD Tarek Reaz Khan signed the MoU on behalf of their respective organisations.

Bangladesh Bank governor Abdur Rouf Talukder, Exim Bank and BAB chairman Nazrul Islam Mazumder, Padma Bank chairman and Sonali Bank MD Afzal Karim along with senior officials of the three banks were present at the signing ceremony.

Bangladesh Bank spokesperson Mezbaul Haque said that the two banks have made an agreement to be merged. They will submit applications next. Once their proposal is approved the Bangladesh Bank will review it.

Then they will be given the approval for merger. When the permission to launch a new bank will be given then, the Padma Bank will be dissolved. Until then the two banks will be running as usual, he added.

EXIM Bank's board of directors in a meeting on Thursday last discussed and decided to merge with Padma Bank. The board of directors of Padma Bank also took the decision on the same day.