Padma Bank to be merged with EXIM Bank

Fourth generation Padma Bank is set to merge with Shariah-based EXIM Bank (Export Import Bank of Bangladesh).

A decision was taken from a meeting of the board of directors of EXIM Bank unanimously in this regard on Thursday.

Wishing not to be named, a director of EXIM Bank confirmed this to Prothom Alo.

The director said the decision to merge Padma Bank with our one has been taken for now.

Documents will be sent to Bangladesh Bank soon for its approval in this regard. Upon getting the approval from the regulatory body, the decision will be implemented.

The Padma Bank also called a meeting of the board of directors on Thursday, to take a decision on merger, according to a source. 

The central bank governor, in a meeting with the Bangladesh Association of Bankers (BAB) on 4 March, said 7 to 10 weak banks are likely to be merged with the robust ones this year. If the weak ones do not take initiative on their own, the regulator will force them for merge in the next year.