, Nov. 30 -- 'Sammilita Islami Bank PLC' (formerly United Islamic Bank PLC), created through the merger of five financially troubled Islamic banks, has officially received final approval from Bangladesh Bank.

The approval came on Sunday during a special board meeting chaired by Bangladesh Bank Governor Dr Ahsan H Mansur.

The new bank is expected to begin full operations in the first week of December.

The five banks being merged are First Security Islami Bank, Global Islami Bank, Social Islami Bank, EXIM Bank, and Union Bank.

Bangladesh Bank has already started preparatory work, including opening designated accounts for the new bank at its Motijheel office.

Sammilita Islami Bank's headquarters have been set up at Sena Kalyan Bhaban in...