Dhaka, Nov. 5 -- The Bangladesh Bank has formally initiated the merger process of five Shariah-based banks that have been under discussion.

In the first phase, the central bank dissolved the boards of directors of these banks and instructed all managing directors to resign.

Letters were sent to the banks on Wednesday.

The banks are First Security Islami Bank PLC, Global Islami Bank PLC, Union Bank PLC, Exim Bank PLC and Social Islami Bank PLC.

The MDs of these banks were summoned to an emergency meeting with the central bank governor on Wednesday afternoon.

Letters were sent to the respective banks after they attended the meeting.

The MDs learned of their resignation orders from their own bank officials.

Bangladesh Bank spokesman A...