Padma Bank merges with Exim Bank

For the first time in Bangladesh, struggling Padma Bank has merged with Shariah-based Exim Bank.

The private sector Padma Bank signed a Memorandum of Understanding (MoU) with the EXIM Bank in this regard on Monday (March 18).

Bangladesh Bank governor Abdur Rouf Talukder, Exim Bank and BAB chairman Nazrul Islam Mazumder, Padma Bank chairman and Sonali Bank MD Afzal Karim along with senior officials of the three banks were present at the signing ceremony.

Earlier on Thursday, Exim Bank's Board of Directors joined a meeting and decided to merge with Padma Bank. The Board of Directors of Padma Bank made their decision final on the same day.

It is known that after the merger it will operate under the name EXIM Bank.