Bangladesh Bank has decided to appoint administrators in five banks undergoing a merger process. The administrators will work in coordination with the existing management, central bank spokesperson Arif Hossain Khan announced after a special board meeting chaired by Governor Ahsan H. Mansur.

As per the decision, First Security Islami Bank, Social Islami Bank, Global Islami Bank, Union Bank, and EXIM Bank will be merged to form a new state-owned entity, tentatively named United Islami Bank. The central bank is expected to issue its license soon.