Padma Bank is going to be merged with Exim Bank. The decision was taken unanimously at a meeting of the Board of directors of Exim Bank.
Bangladesh Bank has been informed about the merger of the two banks. Chairman of Exim Bank, Nazrul Islam Mazumder, confirmed the matter to the media on Thursday (March 14).
Padma Bank is set to merge with Exim Bank, marking the first voluntary merger in Bangladesh's history.
Padma Bank, which has long been struggling with bad loans, set to merge with Exim Bank marking the first voluntary merger in history Bangladesh.
A director of Exim Bank said, "We have decided to merge the private Padma Bank with our bank. Soon it will be sent to Bangladesh Bank for permission. It will come into effect after the approval of the regulatory body."
