State-owned Sonali Bank PLC and Bangladesh Development Bank PLC (BDBL) have formalized their merger aspirations by signing a memorandum of understanding (MoU). 

The ceremony took place at the city’s Bangladesh Bank headquarters and was attended by key stakeholders, including Bangladesh Bank Governor Abdur Rouf Talukder.

The MoU signifies a pivotal moment in the merger process, allowing for the appointment of an independent auditor to assess BDBL’s liabilities and assets. 

This critical step, overseen by the central bank, lays the foundation for a comprehensive evaluation of the financial landscape, essential for the seamless integration of the two entities.

Sonali Bank’s CEO, Mr. Afzal Karim, addressed concerns regarding job security among BDBL employees and reassured reporters that the merger would not lead to job cuts. 

Emphasizing the merger’s potential to strengthen both banks’ financial health, Mr. Karim expressed confidence in the amalgamation’s positive impact on customer interests and operational efficiency.

Sonali Bank’s Chairman, Ziaul Hasan Siddiqui, affirmed the decision to proceed with the merger after careful consideration, emphasizing the independence of the bank’s deliberations. This sentiment was echoed by BDBL Chairman Shamima Nargis, who highlighted the merger’s strategic imperative for enhancing institutional performance.