Dhaka, Nov. 5 -- Shareholders return empty-handed with net asset value (NAV) of their shares turning zero as the merger of five liquidity-crisis-ridden commercial banks into a big-dream Islamic bank begins.

The central bank Wednesday officially started the merger process through dissolving boards of the banks and placing administrators as a stop-gap measure.

As part of the intervention stage of the process, the banking regulator appointed administrators to take control of the struggling unconventional banks after dissolving current boards of directors of Exim Bank, First Security Islami Bank, Global Islami Bank, Union Bank, and Social Islami Bank.

Now, the Bangladesh Bank-appointed administrators will look after operations of the shari...