Five troubled Islamic banks in Bangladesh were merged to form Sammilito Islami Bank PLC, which officially began operations in late 2025/early 2026 to stabilize the sector following a liquidity crisis.
The five banks involved are:
- EXIM Bank PLC
- Social Islami Bank PLC (SIBL)
- First Security Islami Bank PLC (FSIBL)
- Global Islami Bank PLC
- Union Bank PLC
The merger, overseen by Bangladesh Bank, aimed to protect depositors by forming a new, stable state-backed entity.