BM Desk :

No one will lose their jobs if five Islamic banks consolidate into one: BB governor

Bangladesh Bank Governor Ahsan H. Mansur announced today (15 June) that although five private-sector Islamic banks would shortly consolidate into a single organization, its staff will not lose their jobs.

However, the governor stated at a central bank press conference in Dhaka that the action has nothing to do with the approaching elections.”This is a continuous procedure. We hope it will continue in the new administration. However, the merger of the five Islamic banks will happen in the coming months rather than waiting for the election,” he stated.
The governor added that bank personnel shouldn’t be concerned. “Some branches will be moved if necessary. Banks having more branches in cities could need to make some to rural areas.”

The governor responded that no asset could be retrieved without a definitive court decision when asked about the efforts to reclaim laundered assets. “First, we need to collect hard proof and get the legal paperwork ready,” he stated.”We want the court to confirm the validity of our claims. Only judicial rulings will allow for recovery.
Mansur also brought up the Alternative Dispute Resolution (ADR) procedure, stating that out-of-court settlements are another way to get money back. “This approach necessitates adhering to a particular procedure in which attorneys from both parties strive for a settlement. “The interim administration will decide whether to pursue recovery through the ADR or the court,” he said.

According to him, the Bangladesh Bank will make the required arrangements and hire legal counsel to move forward as directed.The governor came to the conclusion that local courts should manage domestic assets, while national courts should handle overseas assets. “This goal is the focus of the preparations that are currently underway.”