Trading of shares in five troubled Islamic banks slated for merger has been suspended, according to separate disclosures issued by the Dhaka Stock Exchange (DSE) in the names of the respective banks.

The DSE announcements stated that trading of shares of all five banks will remain suspended from today (November 6) until further notice.

The banks involved in the merger are First Security Islami Bank, Union Bank, Global Islami Bank, Social Islami Bank, and EXIM Bank.

Earlier, on Wednesday (November 5), the Bangladesh Bank formally sent letters to the boards of the five banks, declaring them non-viable under the framework of the Bank Companies Act.

While the full merger process is expected to take around two years, the central bank has assured that small depositors (up to Tk 200,000) will be able to withdraw their funds, with the process beginning within one month. Large depositors will receive their money in phases.