, April 30 -- Three banks lost their existing stock exchange category status on Wednesday as the Dhaka and Chittagong stock exchange downgraded them to the 'Z' category for failing to declare dividends for two consecutive years.

Islami Bank Bangladesh PLC, Standard Bank PLC and SBAC Bank PLC were stripped of their respective standings: Islami Bank from 'A' category and the other two from 'B' category, effective Wednesday, in accordance with provision 1(a) of BSEC directive.

Stock brokers and merchant bankers have been directed to refrain from extending loan facilities for the purchase of securities of all three banks with immediate effect, as per rule 11(8) of the Bangladesh Securities and Exchange Commission (Margin) Rules, 2025.

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