Exim Bank and Padma Bank on Monday signed a Memorandum of Understanding (MoU) to open the process of merger.

Bangladesh Bank Governor Abdur Rouf Talukder, deputy governors, senior officials and chairmen of the Padma Bank and Exim Bank, among others, were present at the MoU signing event, reports BSS.

After the signing ceremony, Exim Bank Chairman Md Nazrul Islam Mazumder said the name of Padma Bank will not exist after the merger.

"It is a historic decision for the welfare of the country," he said.

Islam said depositors' money will be safe in Exim Bank and officials of Padma Bank will not be affected after the merger.

"The government proposed us to take the weak bank and so Exim Bank acquires Padma Bank," he added.

Bd-pratidin English/Lutful Hoque