The managing directors of Exim Bank and Padma Bank signed a memorandum of understanding to open the process of merger on Monday morning. 

The Bangladesh Bank governor and deputy governors and other officials were present at the signing ceremony. The Padma Bank and Exim Bank chairmen were also present.

After the signing ceremony,  Exim Bank Chairman Md Nazrul Islam Mazumder told journalists that it is a historic decision for the  betterment of the country. 

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He said depositors' money will be safe in Exim Bank and officials of Padma Bank will not be affected after the merger.

"The government proposed us to take the weak bank and that is why Exim Bank acquired Padma Bank," he said.

The name of Padma Bank will not exist after the merger, Mazumder said.