Depositors' money in merged banks safe, says BB

Bangladesh Bank (BB) said on Tuesday that depositors' money with merged banks would remain completely safe.

The central bank issued a press statement to this effect.

The BB issued the statement as certain savers panicked following the central bank's merger plan on few banks.

The savers who are maintaining accounts with merged banks will be able to maintain their respective accounts as before.

Individual and institutional depositors' money will remain completely safe and secure in banks which are in the process of merger, the Bangladesh Bank said in the statement.

The accountholders of two merging banks would be able to maintain their respective accounts as before even after completion of the merger, the central bank said.

Moreover, the merger process would be completed with the consent of the sponsor directors, incumbent board of directors and the general shareholders of the banks, it said.

The BB said its move to merge weaker banks with stronger banks was aimed at strengthening the banking industry.

It said Bangladesh needed a strong banking system as the country would graduate from the least developed country (LDC) club in 2026.

[email protected]