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Dhaka Tribune

BB: Depositors’ money in merged banks to remain completely safe

The account holders of two merging banks will be able to maintain their respective accounts as before even after the completion of the merger

Update : 23 Apr 2024, 09:37 PM

Individual and institutional depositors' money will remain completely safe and secure in banks, processes in which are to be merged, Bangladesh Bank said in a statement today.

The account holders of two merging banks will be able to maintain their respective accounts as before even after the completion of the merger, the central bank also said in the statement sent to the media.

Moreover, the merger process will be completed with the consent of the sponsor directors, current board of directors and the general shareholders of the banks, it said.

Bangladesh will be established as a developing economy in 2026. As a result, more capable banks and financial institutions will be needed in the country to provide effective banking services to the developing economies so that there is no hindrance in the investment in economic development, the central bank also said in its statement.

It also intends to strengthen the financial sector by solving the existing problems of relatively weak banks and at the same time developing the activities of relatively strong banks so that the merged bank-company can provide more services in the public interest.

Tuesday's statement aimed at dispelling misinformation, as the Bangladesh Bank believed various types of news regarding bank mergers have been published in various electronic, print and social media, which in many cases are not based on factual information. 

As a result, various types of confusion are being created in the public mind regarding bank merger, it observed.

The merger process will be completed based on the consent of the entrepreneurial directors, current boards and common shareholders of the banks covered by the merger, the central bank stated.

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