Dhaka, May 27 -- Bangladesh Bank Governor Ahsan H Mansur has announced that six financially distressed banks will be consolidated and brought under state ownership as part of a sweeping reform to stabilise the banking sector.

According to a report aired on Channel 24 on Monday night, the consolidation process will be completed by July this year, after which foreign investors will be invited to take over the merged bank.

The banks in question are Social Islami Bank Limited (SIBL), First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and National Bank.

Among them, the boards of four banks were directly controlled by controversial Chattogram-based businessman Saiful Alam Masud, also known as S Alam.

Toward the end of th...