Dhaka, Sept. 16 -- Bangladesh Bank has decided to appoint administrators to oversee the merger of five struggling Shariah-based private banks into a single state-owned Islamic bank.

The decision was taken at a special board meeting chaired by Bangladesh Bank Governor Dr Ahsan H Mansur on Tuesday at the central bank headquarters, with other board members present.

A senior central bank official told UNB that office orders will soon be issued to appoint the administrators and dissolve the existing boards of the affected banks.

He said amendments to the Bank Resolution Ordinance and other supporting laws will be introduced as needed to facilitate the process.

Each bank will be assigned an administrator supported by a team of four officers...