Sonali Bank Lends Tk 7,000 Crore to National Bank
State-owned Sonali Bank has provided a Tk 7,000 crore loan to financially troubled National Bank for three months. The loan carries an interest rate of 10 percent and is fully guaranteed by Bangladesh Bank.
If National Bank fails to repay the loan within the agreed period, Bangladesh Bank will repay Sonali Bank within three working days under the guarantee agreement.
Sonali Bank Managing Director Shawkat Ali Khan confirmed the matter on Tuesday (October 13). He said the financial support was provided as part of Bangladesh Bank’s initiative to restore confidence and stability in the banking sector.
Under its recently restructured board and new management, National Bank has taken several steps to recover defaulted loans, improve its financial strength and restore stability to its operations. The funding is expected to support the bank’s ongoing recovery process.
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