The merger of five Shariah-based banks into a single large Islamic bank has resulted in nearly BDT 4,500 crore in losses for retail and institutional shareholders. Following the central bank’s consolidation order, trading of the banks’ shares has been suspended on the Dhaka and Chattogram Stock Exchanges.
Although the shares had a face value of BDT 10, shareholders will receive nothing in the new bank, as the banks’ net assets are negative. Experts describe this as primarily a bailout for depositors. Many investors have expressed anger towards the government.
TSN