Union Bank hopes to regain strength soon

Union Bank's overall performance has been steadily improving after the Bangladesh Bank (BB) restructured its board in August this year.

The central bank on August 27 formed a five-member board of directors to operate the bank, with former Islami Bank's managing director Fariduddin Ahmed as chairman.

In a statement, the bank said customers were "actively engaging" with the lender and that it expected transaction levels to get normalized soon.

The bank expressed optimism that Union Bank will soon regain its status as "Local Bank Global Opportunity."

In a recent meeting, the new board reviewed the bank's current business operations and reaffirmed its strong commitment to overcoming the challenges.

The board conveyed its sincere appreciation to depositors, business partners, well-wishers, and all other stakeholders for their unwavering trust and continued cooperation.

Through collective efforts, Union Bank said, it will establish itself as a model Shariah-compliant bank.

Union Bank is one of the Shariah-compliant banks in the country and its modus-operandi is substantially different from other conventional banks.

The new generation bank got listed on the exchanges in December 2022, by raising Tk 4.28 billion from the stock market under the fixed price method. The initial public offering (IPO) is the biggest in the banking sector to date.