Dhaka, Nov. 10 -- The banking regulator has issued the preliminary licence for Sammilito Islami Bank, the proposed largest shariah-based bank to be formed through merger of five severely liquidity-crisis-ridden unconventional banks.

"Yes, we issued letter of intent (LoI) in favour of the merged bank today after an emergency virtual board meeting," a BB official told the FE on condition of anonymity on Sunday.

The central banker said they also sent letters to The Registrar of Joint Stock Companies And Firms (RJSC) and Bangladesh Securities and Exchange Commission (BSEC) for the purposes of name clearance purpose and securities regulator's approval respectively.

"We'll probably get name clearance from the RJSC by today (Monday) while the...