Initiatives to merge the existing banks will be taken if the Awami League returns to power, says Finance Minister AMA Muhith.
“However, we will leave a study on reforms of the banking sector, if someone else is elected to office. The number of banks and financial institutions is way higher than the size of the economy,” he said during a meeting with the leadership of Economic Reporters’ Forum on Thursday.
Muhith says he ‘still has to’ approve banks on political grounds.
“I am very unhappy over (the rampant) approval of (new) banks. The process to merge these banks will start soon,” he said.
Several Cabinet members are involved with banks, said Muhith before adding, “They will be merged and the law is being amended for it.”
On Oct 29, the Bangladesh Bank cleared four more banks during a meeting of its Board. They are Community Bank of Bangladesh, The Bengal Bank, People’s Bank and The Citizen Bank.