Union Bank has agreed to a merger plan amid ongoing restructuring efforts in Bangladesh’s troubled banking sector. However, EXIM Bank has sought more time, saying it needs to focus on its recovery plan first. Bangladesh Bank is holding a series of meetings with weak banks, including Union, EXIM, First Security Islami, Global Islami, and Social Islami. Officials revealed that S. Alam Group withdrew hundreds of billions of taka from some banks, worsening their crises and delaying depositor repayments.
Union Bank has agreed to a proposed merger, while EXIM Bank has asked for more time. EXIM Bank said it wants to focus first on implementing its recovery plan, for which it needs additional time.
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