Padma, Exim Banks to sign MoU for merger Monday

Padma Bank and Exim Bank will sign a Memorandum of Understanding (MoU) on Monday on merging Padma with Exim Bank Plc.

Ahead of merging with Padma Bank, Exim Bank has published price-sensitive information as per the approval of Bangladesh Bank (BB).

Company Secretary of Exim Bank Monirul Islam issued the notice containing price-sensitive information adding that the merger process will be completed after completing all formalities set by the regulator or the BB.

Earlier on March 4, the BB Governor Abdur Rauf Talukder said in a meeting with a delegation of the Bangladesh Association of Banks (BAB), an organization of bank entrepreneurs, that 7 to 10 weak banks would be merged with strong or good banks within this year.

“If the weak banks do not merge voluntarily during this period, they (BB) will be forced to merge from next year,” he said.

After that, Padma Bank and Exim Bank are the first to merge voluntarily.