Sonali Bank

Sonali Bank seeks Tk 60b bailout urgently

MNA Business Desk: The state-owned Sonali Bank has sought guarantee worth Tk 60 billion from the government to meet its huge capital shortfall urgently, officials said.

According to data available until September, Sonali Bank Ltd (SBL) had a capital inadequacy of over Tk 31.40 billion. And the current figure is assumed to have increased with the rise in its non-performing loans (NPLs).

Managing Director of the SBL Obayed Ullah Al Masud in a letter to the Ministry of Finance on March 4 made the request for a kiss of life to the bank, the sources said.

Officials of the bank said it immediately would need recapitalisation to strengthen its capital base and maintain minimum capital requirement in line with Basel-III banking guideline, reported news agency.

Meanwhile, the SBL has sought commission on a hefty Tk 942 billion LC opened for importing equipment and services for the country’s maiden Rooppur Nuclear Power Plant (RNPP) instead of providing fund from block allocation, according to the letter.

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