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Banking & Credit

Sonali Bank Lends Tk 7,000 Crore to Troubled National Bank

State-owned Sonali Bank has provided a short-term liquidity loan to National Bank with a full central bank guarantee to help manage customer withdrawals.

FTMQ Business, written by our newsroom0 views

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State-owned Sonali Bank PLC has lent Tk 7,000 crore to National Bank PLC to assist the financially distressed private lender in meeting customer withdrawal demands, The Daily Star reported. Md Shawkat Ali Khan, the managing director of Sonali Bank, confirmed that the transaction has been completed. [1]

The transaction carries an interest rate of 10 percent for a three-month tenure, according to The Daily Star. Bangladesh Bank provided a 100 percent guarantee for the loan. Khan stated that Sonali Bank faces no financial risk because the central bank will repay the loan if National Bank fails to do so within the agreed timeframe. [1]

Sonali Bank is a state-owned commercial bank and is the largest bank in Bangladesh. The institution was established on March 26, 1972, following the nationalization of the banking sector after the independence of Bangladesh. [3][5]

Bangladesh Bank is the central bank and principal monetary authority of Bangladesh. Fully owned by the government, the central bank maintains financial stability and formulates monetary policy for the country. [4]

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In short

  • Sonali Bank lent Tk 7,000 crore to National Bank at a 10 percent interest rate.
  • Bangladesh Bank provided a 100 percent guarantee for the three-month loan.
  • The funds were extended to help National Bank meet customer withdrawal demands.
  • Sonali Bank is the largest state-owned commercial bank in Bangladesh.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Sonali Bank lends Tk 7,000cr to National Bank with Bangladesh Bank guaranteeThe Daily Star, 17d ago (the report this story comes from)
  2. [2]National Press Club Statement on attack of Washington Post journalist in the West BankPR Newswire Business, 18d ago

Background

  1. [3]Sonali Bank on Wikipedia
  2. [4]Bangladesh Bank on Wikipedia
  3. [5]Sonali Bank on Grokipedia

Our newsroom writes these reports with the help of software, from the 5 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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