Dhaka, Dec. 1 -- Former senior secretary Dr Mohammad Ayub Mia has been appointed chairman of Sammilito Islami Bank.

Bangladesh Bank gave the approval of his appointment on Sunday.

The appointment follows the central bank's final approval of the newly formed 'Sammilito Islami Bank PLC,' which was created by merging five financially weak banks in the country.

Bangladesh Bank said the new bank, now officially licensed, will begin full-fledged operations this week.

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

According to bank officials, the financial condition of these banks failed to improve despite repeated liquidity support.

Bangladesh Bank orders pay cuts f...