BDBL board approves merger with Sonali Bank
The first decision to merge BDBL and Sonali Bank was taken on 3 April.
The board of the state-run Bangladesh Development Bank Plc (BDBL) has given preliminary approval to its merger with state-owned Sonali Bank.
Managing Director and Chief Executive Officer of BDBL Habibur Rahman Gazi told The Business Standard that the board of directors approved the merger plan during a recent emergency meeting.
"We have sent the approval letter of our board to the central bank. Now the memorandum of understanding can be done between the two banks through the central bank. Later, the assets of the two banks will be valued by an audit firm," he said.
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The first decision to merge BDBL and Sonali Bank was taken on 3 April.
In 2009, Bangladesh Shilpa Bank and Bangladesh Shilpa Credit Corporation merged to form the Bangladesh Development Bank Limited.
The new bank was saddled with the debts of its predecessors.
In December, BDBL's defaulted loans stood at Tk982 crore, which is 42.46% of disbursed loans.
