Weak banks to merge with strong ones: Kamal

Staff Correspondent | Published: 00:00, Apr 14,2019 | Updated: 23:10, Apr 13,2019

 
 

Finance minister AHM Mustafa Kamal on Friday said that the government would take steps so that weak banks could be merged with stronger ones as some of the private commercial banks were not performing well.
The existing law would be amended and if necessary, new law would be framed to facilitate merger, the minister told reporters after a meeting with World Bank officials at Washington DC, USA at the sidelines of spring meetings of World Bank and International Monetary Fund.
Kamal said that some of the private banks were not operating well and they should be merged with stronger ones.
Bangladesh Bank will take steps if any of the stronger banks declines to merge with any of the weaker banks, he said.
Banking sector will be come under complete auto mation to ensure transparency and accountability, he said.
The former finance minister Abul Maal Abdul Muhith also on several occasions talked in favour of merger between low performing and stronger banks.
Experts and economists also recommended merger of banks to bring discipline in the banking sector as the number of banks in the country was excessive.
In reply to a question of reporters, Kamal said that International Finance Corporation would invest $1 billion in Bangladesh from next year.
It will create huge employment in the country, he said.

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