Padma Bank (formerly Farmers Bank) which is in trouble due to irregularities and fraud is merging with the private Shariah-based Exim Bank. A Memorandum of Understanding (MoU) has been signed between these two private sector banks to take this process forward.
On Monday (March 18), Bangladesh Bank signed an agreement regarding the merger of Padma Bank and Exim Bank. Exim Bank Managing Director Mohammad Feroz Hossain and Padma Bank Managing Director Tarek Riaz Khan signed it. Bangladesh Bank Governor Abdul Rauf Talukder, four Deputy Governors, Exim Bank and BAB Chairman Nazrul Islam Majumder, Padma Bank Chairman and Sonali Bank MD Afzal Karim and senior officials of three institutions were present.

After the event, Exim Bank Chairman Nazrul Islam Majumder told reporters that there was no pressure from the government to merge Padma Bank, but there was a suggestion from the government. We have done it in the interest of the country, in the interest of the country’s economy. Even if Padma is merged, there will be no problem for the depositors, everyone will be safe. Depositors of Padma Bank can withdraw money from Exim Bank.
Nazrul Islam Majumder said, We Exim Bank have come forward to take over Padma Bank. We have come together to do mergers, not acquisitions. Padma Bank has been fully merged with Exim Bank. Padma Bank ceased to exist. All liabilities of Padma Bank will be paid by Exim Bank.