Dhaka: Bangladesh Bank (BB) Governor Ahsan H Mansur today announced that depositors of the five merged banks are likely to gain access to their funds within a month. This announcement was made during a press conference held at the Bangladesh Bank headquarters, where the governor discussed the significant resolution process that has officially commenced. This process involves merging five commercial banks, a strategic move aimed at strengthening the country's banking system.
According to Bangladesh Sangbad Sangstha, Governor Mansur detailed that the payment processes for other depositors, including institutional depositors, will be clarified at a later stage. He emphasized the importance of maintaining calm among depositors, urging them to withdraw only what is necessary and assuring them that the resulting entity from the merger will be a stronger bank. Depositors will also benefit from market-based interest rates on their deposits.
The governor further explained that shareholders would not receive compensation as the net asset value against Tk10 face value has become a negative maximum of Tk450 for each bank. Consequently, the share value is considered zero for both sponsor shareholders and retail shareholders.
In addressing the concerns of bank employees, Governor Mansur assured that no jobs would be lost at this time. He clarified that while the bank will be run by the government, each bank will continue to operate as a private entity until the final merger into one unified bank is completed.