Corruption-ridden Farmers Bank has been renamed as Padma Bank in a desperate makeover after the Bangladesh Bank endorsed a proposal.
The proposal of renaming the bank was sent to the central bank by the board of directors.
The financial sector regulator announced the approval in a circular on Wednesday, saying it replaced ‘The Farmers Bank Limited’ with ‘Padma Bank Limited’ on the list of all scheduled banks from Tuesday.
Former finance minister AMA Muhith blamed the founders of the bank for its troubles.
The Investment Corporation of Bangladesh or ICB and four government banks - Sonali, Janata, Agrani and Rupali - bought majority share of the troubled bank recently in a desperate effort to save it.