Staff Correspondent:

Five private-sector Islamic banks are set to be merged into a single entity soon, but employees of these banks will not lose their jobs, Bangladesh Bank Governor Ahsan H Mansur said on Sunday (June 15).

The move, however, has no connection with the upcoming elections, the governor said at a central bank press conference in Dhaka.

“This is part of an ongoing process. We hope the next government will carry it forward. However, instead of waiting for the election, the merger of the five Islamic banks will take place within the next few months,” he said.

The governor also noted that there is no reason for bank employees to worry.

“If needed, some branches will be relocated. Banks with more urban branches may have to shift some to rural areas.”

‘Recovering funneled money possible on court mandate’

Asked about the efforts to recover laundered assets, the governor said no asset can be recovered without a final court verdict.

“First, we must gather concrete evidence and prepare the necessary legal documentation,” he said.

“We want the court to verify whether our claims are valid. Recovery will only be possible based on court decisions.”

Mansur also mentioned the Alternative Dispute Resolution (ADR) process, saying there is also an option to recover funds through settlements outside of court.

“This method requires following a specific process where legal representatives from both sides work toward a resolution.”

He stated that the decision on whether to pursue recovery through court or the ADR will be made by the interim government.

Once instructed, the Bangladesh Bank will complete the necessary preparations and appoint legal counsel to proceed, he said.

The governor concluded that domestic assets must be handled through local courts, while foreign assets must be addressed through courts in the respective countries. “Preparations are underway with this objective in mind.”