Dhaka, Nov. 19 -- A writ petition has been filed in the High Court challenging the government's decision to merge five troubled private banks. The petition was submitted on Tuesday by Barrister Mahsib Hossain on behalf of investor Shahidul Islam.
The writ names the Bangladesh Bank Governor, Finance Secretary, and other relevant officials as respondents.
On October 9, the interim government's advisory council approved merging First Security Islami Bank, Global Islami Bank, Union Bank, Exim Bank, and Social Islami Bank to form a new Sharia-based bank. Two names have been proposed for the new entity: United Islamic Bank and Sammilit Islamic Bank. Authorities said the bank will operate commercially and professionally.
The government has assu...