B Mirror Report: Bangladesh Bank’s newly appointed Governor, Md. Mostakur Rahman, has announced that operations of the “Combined Islami Bank,” formed through the merger of five crisis-hit banks during the Awami League government, will continue.
He also stated that individuals involved in embezzlement of funds from the banks would be brought to justice.
The remarks were made at a meeting held at the Governor’s office on Tuesday (March 3) in the afternoon with the administrators of the five merged banks and relevant officials of Bangladesh Bank.
According to meeting sources, detailed discussions were held on reviewing the current financial condition of the banks, post-merger operations, and ensuring uninterrupted customer services.
At the meeting, the Governor informed officials that the appointment process for the Managing Director (MD) of Combined Islami Bank would be completed as quickly as possible. The existing board of directors will remain in place, and initiatives will be taken to continue production at operational factories under the five banks. He also mentioned a policy decision to settle any outstanding foreign liabilities of these factories. Officials concerned believe the Governor’s firm stance has cleared all uncertainties surrounding the merger of the five banks.
Earlier, during a courtesy meeting with representatives of the Association of Bankers, Bangladesh (ABB) last Sunday, the Governor conveyed the same message. He made it clear that ongoing reforms in the banking sector would continue and that he would not yield to any political pressure. He also assured necessary policy support to help achieve the government’s electoral pledge of creating 10 million jobs within the first 18 months.
It is worth noting that following the fall of the Awami League government, the interim administration merged EXIM Bank, Social Islami Bank, First Security Islami Bank, Union Bank, and Global Islami Bank— which had failed to return depositors’ funds to form the Combined Islami Bank.
The new bank has started its journey with a capital of Tk 35,000 crore, of which the government has provided Tk 20,000 crore. The remaining Tk 15,000 crore will come from depositors’ funds. Additionally, an initiative has been taken to pay Tk 12,000 crore in total Tk 200,000 each to nearly 7.8 million depositors from the Deposit Insurance Fund to ensure their protection.
