Sonali Bank PLC and Bangladesh Development Bank (BDBL) PLC have signed a Memorandum of Sonali Bank, BDBL sign MoU for merger (MoU) to initiate the process of merging their operations.

This decision follows approval from the state-run bank's board last month to merge with Sonali Bank, the largest bank in Bangladesh.

The signing ceremony was attended by key figures including Bangladesh Bank Governor Abdur Rouf Talukder, Sonali Bank Chairman Ziaul Hasan Siddiqui, Managing Director and CEO Md Afzal Karim, BDBL Chairman Shamima Nargis, and Managing Director Md Habibur Rahman Gazi.

Sonali Bank's Managing Director Afzal Karim reassured BDBL Bank employees that the merger would not pose any concerns, emphasizing that the unified entity would be stronger.

Further steps will be initiated by Bangladesh Bank, including the appointment of an audit firm. The merger follows the consolidation of Bangladesh Shilpa Bank and Bangladesh Shilpa Rin Sangstha in 2009, which formed BDBL.