Padma Bank will merge with EXIM Bank

Padma Bank will merge with EXIM Bank. It will be the first bank merger in Bangladesh.

EXIM Bank’s board took a decision in this regard at a meeting on Thursday, said a senior official of Padma Bank.

“We have decided to acquire Padma Bank during our board meeting”, an executive said.

The bank has been struggling with the burden of toxic loans for years.

Padma Bank, born as Farmers Bank in 2013 after the government approved licences for nine new banks, faced survival challenges just three years after its inception.