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Padma Bank, the fourth-generation bank struggling with toxic loans, is merging with Exim Bank to become first such lender to implement a recent decision of the central bank. The decision to take over the troubled Padma Bank was taken on Thursday at a meeting of shariah-based Exim Bank's Board of Directors, said an official of the Exim Bank. "We have already finalised the draft of the MoU that will be signed on Monday [18 March] in the presence of the Bangladesh Bank governor," said Nazrul Islam Majumder, chairman of Exim Bank.When asked about the merger, Padma Bank Chairman Afzal Karim told UNB that the matter has been discussed. A final decision will be announced formally, he said.No date has been finalized yet.The sources close to the development said that a formal approval from Bangladesh Bank has to be taken now in this regard. As per the directives of the central bank, the merger will be done step by step.In a report titled 'Bank Health Index and Heat Map...
13h ago