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BASIC Bank to be merged with City Bank : State-owned and trouble-ridden BASIC Bank is expected to merge with City Bank a development that comes less than a week after the government decided in principle to merge four state banks
Troubled state-owned BASIC Bank is likely to be acquired by private sector lender City Bank as the central bank is forging full steam ahead with its plan to engineer the takeover of weak banks with stronger ones.
The guideline comes four months after the BB issued the Prompt Corrective Action (PCA) framework to give a procedural direction for mergers and acquisitions amidst the deteriorating financial condition of some banks and financial institutions.
Bank Merger in Bangladesh: The WB said before initiating any merger processes, detailed guidelines on mergers and acquisitions need to be issued, allowing banks a clear idea about the process involved