Nine financial institutions' shares to be reduced to zero soon

In continuation of reforms in the banking sector, Bangladesh Bank is now keeping a close eye on non-bank financial institutions (NBFIs). The process of zeroing the shares of nine financial institutions is starting as they failed to return customer deposits.

The central bank said these institutions will be declared non-viable within this week. After that, their actual financial condition and net asset value will be determined through a forensic audit.

Bangladesh Bank Governor Dr. Ahsan H. Mansur said the current negative status of the institutions' assets cannot be said for sure until the audit is completed. Further steps will be taken after receiving the audit report.

He said these things at a press conference organized at the Jahangir Alam Conference Room of Bangladesh Bank on Monday (January 5).