Bangladesh Bank Governor Ahsan H Mansur chaired a special board meeting on Sunday that gave final approval to Sammilito Islami Bank PLC as a new merged bank.
Five troubled Shariah-based institutions – First Security Islami Bank, Global Islami Bank, Social Islami Bank, Exim Bank and Union Bank have been consolidated to form the new entity named Sammilito Islami Bank.
Bangladesh Bank has begun the next procedural steps for operational preparation, including opening the bank’s designated account at its Motijheel office.
The head office of the new institution will be set up at Sena Kalyan Bhaban in Motijheel. The total paid-up capital of Sammilito Islami Bank has been set at Tk35,000 crore. Of this amount, Tk20,000 crore will come from government capital injection and Tk15,000 crore from institutional depositors through share conversion.
Full banking operations are expected to begin in the first week of December.
The formation of the bank’s board is under way.
