Tk44 crore deposited to five merging banks in two days

General customers withdrew Tk107.77 crore and deposited about Tk44 crore with the five ailing banks, which are set to be merged into the Sammilito Islami Bank, over the past two working days, signaling confidence revival in the banking sector, the central bank chief said Monday.

Amid the positive shift in the banking sector, Sammilito Islami Bank, potentially the country’s biggest ever bank, will be formally inaugurated on 19 January, Bangladesh Bank Governor Ahsan H Mansur said at a press conference held at the central bank’s head office.

“The absence of excessive withdrawal pressure indicates confidence in the restructuring process,” Mansur said, adding that in some areas deposits exceeded withdrawals.

The banks recorded 13,314 withdrawal transactions over the period. Customers of the former EXIM Bank accounted for the largest share, with 6,265 clients withdrawing Tk66 crore. New deposits totalled Tk44 crore during the same timeframe.

Sammilito Islamic Bank has been created through the merger of five lenders under the new Bank Resolution Ordinance, a process the Governor described as unprecedentedly fast.

While establishing a new bank typically takes years, the institution moved from receiving a Letter of Intent to commencing transactions in just two months.

A formal board of directors is in the process of being finalised. For now, government-appointed representatives are overseeing operations.

Mansur said independent directors, including a chartered accountant, a veteran banker and a legal expert, will be appointed shortly.

Looking ahead, the Governor identified system integration and accountability as the main challenges. Bangladesh Bank’s IT team is working to unify the technological platforms of the five merged banks, while a comprehensive forensic audit will examine past irregularities.

“We do not intend to terminate employees. However, those involved in financial irregularities will not be spared. All five banks will come under strict forensic audit,” Mansur said.

Mansur also pointed out that Shariah-based profit rates have been aligned with market standards and that new investment products will be introduced to support growth.

Deputy Governor Nurun Nahar, Sammilito Islami Bank Chairman Dr Mohammad Ayub Mia and other senior officials were present at the briefing.