As a first step toward the merger, Bangladesh Bank decided on Sept 16 to appoint administrators to the five banks. Yet, no one has disputed the names circulating in the media: First Security Islami Bank, Global Islami Bank, Union Bank, EXIM Bank, and Social Islami Bank. To finalise the merger process, Bangladesh Bank has already held meetings with the boards of these banks. According to Bangladesh Bank officials, the proposed merged bank would have a paid-up capital of Tk 350 billion. Sub-section 2 of the same clause specifies that, for Islamic banks, Bangladesh Bank may clarify the objectives of resolution through regulations as needed.
