Bangladesh, Aug. 22 -- Bangladesh Bank has announced plans to close nine non-bank financial institutions (NBFIs) as part of efforts to safeguard "depositors' interests".

Central bank Governor Ahsan H Mansur confirmed the move, saying that the decision was taken to ensure people could recover their savings safely.

The nine institutions slated for closure are FAS Finance, Bangladesh Industrial Finance Company, Premier Leasing, Fareast Finance, GSP Finance, Prime Finance, Aviva Finance, People's Leasing, and International Leasing.

According to central bank data, defaulted loans in the financial sector stood at Tk 250.89 billion at the end of last year, with more than half linked to these nine firms.

The government is expected to provide ...