The Advisory Council of Bangladesh has approved a proposal to merge five private Islamic banks—First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank—into a single Shariah-compliant bank, which will be named United Bank. The decision was made at a meeting chaired by Chief Advisor Professor Dr. Muhammad Yunus on October 9. Initially, the new bank will remain under state ownership, managed by the Finance Division of the Ministry of Finance, with plans for eventual privatization. The council confirmed that no employees of the merged banks will be laid off, and all customer deposits will remain fully protected. In addition, the Advisory Council approved amendments to modernize the Deposit Protection Act in the banking and insurance sectors, aiming to ensure stronger financial security and depositor confidence in the evolving banking landscape.
The Advisory Council has given in-principle approval for the merger of five private banks to form a single Shariah-based bank.
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