Padma Bank is set to merge with Exim Bank, marking the first voluntary merger in Bangladesh's history.
The decision to acquire Padma Bank was made during Exim Bank's board meeting, Nazrul Islam Mazumder, chairman of Exim Bank, told the media.
The move has been endorsed by Padma Bank's senior officials, with Exim Bank's board having already approved the decision in a separate meeting.
This will be the first voluntary merger in the country. While there were mergers before, this will be the first voluntary merger.
The Padma Bank name will no longer exist. The new single entity's name will be Exim Bank.
