An investor organization on Thursday demanded the resignation of Bangladesh Bank governor Dr Ahsan H Mansur, fearing chaos and losses in the local stock market.
They threatened to surround Bangladesh Bank on Tuesday (November 11) if the governor does not resign by next Saturday (November 8).
At a post-trading press conference in front of the old building of the Dhaka Stock Exchange (DSE), president of the Bangladesh Capital Market Investors' Unity Council Mizanur Rashid Chowdhury said: "We do not accept this merger. The investors have committed no crime. They have invested in listed banks with proper approval—but if they are merged illegally, the investors will be left empty-handed."
The organization also said that the central bank has taken the decision without thinking about the investors and has called the process a "farce."
Chowdhury also said that this merger must be stopped, otherwise the organization will be forced to launch a more stringent movement.
In a statement, the organization claimed that the merger of prominent banks would result in financial losses for sponsor shareholders and general investors and render their investments worthless.
They expressed extreme concern about the fairness of the decision and the transparency of the process.
The value of the shares of the sponsor shareholders and general investors of the five banks that are going to be merged will now be considered zero. No one will get any compensation, Bangladesh Bank governor Ahsan H Mansur also said on Wednesday.
“The net asset value of the five banks has now reached a negative level. The maximum deficit against the face value of Tk10 has reached Tk450. As a result, the share value of these banks is practically zero. No one, sponsor shareholders or general investors, will get compensation.”
