DHAKA, March 14, 2024 (BSS) - Padma Bank is set to merge with Shariah-based EXIM Bank (Export Import Bank of Bangladesh), marking the first such merger in Bangladesh.

The decision was made this morning at the Exim bank's board meeting, where it was also decided that a press conference would be held in this regard on Monday.

"We have taken decision to merge with Exim Bank. We already finalised the draft of the MoU that will be signed on Monday at Bangladesh Bank headquarters in the presence of the central bank governor," chairman of Exim Bank Nazrul Islam Majumder told BSS.

The Padma Bank name will no longer exist and the new single entity's name will be Exim Bank, he added.

This will be the first voluntary merger in the country. While there were mergers before, this will be the first voluntary merger.

A few days ago, the governor asked bank owners to decide who they wanted to merge with, or there would be forced mergers.