Crisis-hit Global Islami Bank (GIB) has agreed to consider mergers and acquisitions (M&A) as part of Bangladesh Bank’s rescue strategy, while Social Islami Bank Limited (SIBL) has rejected the option, insisting it can recover independently.

The two Shariah-based banks met with Central Bank Governor Ahsan H. Mansur and his deputies on Thursday to discuss the regulator’s resolution plan for struggling lenders.

Emerging from the meeting, SIBL’s founder-chairman, Major (Retd.) Dr Md. Rezaul Haque said the bank was not interested in a merger. “We will be able to turn around from the current situation. We need time for the rebound, and responsibility must go to the shareholding directors, not independent directors,” he told reporters.

SIBL Chairman Prof. Mohammad Sadiqul Islam alleged that the S Alam Group had taken away assets worth more than Tk 60 billion under various names, creating severe liquidity stress.

In contrast, GIB chairman Mohammed Nurul Amin said his bank would accept whichever resolution measure the regulator chooses. “Whether it is merger, liquidation, or recapitalisation, depositors will benefit,” he said.

According to him, S Alam Group borrowed Tk120 billion of GIB’s Tk140 billion loan portfolio, most of which has since defaulted, with collateral covering less than a quarter of the exposure.

Bangladesh Bank plans to apply its bank-resolution framework to five troubled lenders: Union Bank, First Security Islami Bank, EXIM Bank, SIBL, and GIB. Two of them—EXIM and SIBL—have so far rejected the plan.