Dhaka,  Wednesday
29 May 2024

Basic Bank to merge with City Bank

Messenger Online

Published: 16:35, 8 April 2024

Basic Bank to merge with City Bank

Photo: Daily Messenger

BASIC Bank to merge with City Bank. The decision was made during a meeting held at the Bangladesh Bank on Monday (8 April). Sources at the central bank said the merger will be voluntary.

This decision was taken on Monday at a meeting between Bangladesh Bank Governor Abdur Rauf Talukdar with City Bank Chairman Aziz Al Kaiser and Managing Director (MD) Mashrur Arefin.

Speaking to media, City Bank MD Mashrur Arefin said, "We did not finalise any weak bank for a merger yet."

The City Bank is still reviewing the health of a few weak banks to be selected for a merger. Then the selection will be presented to the board for approval, he added.

He said the merger model will be different for the City Bank.

"The selected bank will be reconstructed first. Then the balance sheet merger will come after three to five years," he added. 

Earlier on 19 March, the board of City Bank was recommended to merge with Basic Bank. Then the matter was discussed between the boards of both City Bank and Basic Bank. Officials of the two banks discussed this among themselves.

Even if the two banks are merged, they will report separate financials for the next three years, said sources.