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London Sonali Bank to reopen after a year

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October 12, 2000 

London-- (UNB) – Steps are being taken to reopen the Sonali Bank branch in London, which remained closed for more than a year now.

Satisfactory progress has been made in the negotiation in this connection with the Financial Services Authority (FSA) of the British Government, a reliable source told UNB.

A delegation of the FSA will visit Bangladesh soon for finalization of a deal with the Sonali Bank authorities in Dhaka, he said.

The talks will centre round some preconditions for reopening the Sonali Bank, which included creation of a 4 million pound sterling paid up capital and introduction of modern technology in the accounting system and daily operation.

Banking function of the bank’s London branch was closed in the middle of 1999 and since then, a company in the name of Sonali Trade and Finance Limited has been rendering partial services to the Bangladeshi expatriates.

Fresh negotiations with the FSA to open the bank again has been initiated on the persistent demand by the Bangladeshi expatriates in London

General Manager of the Sonali Trade and Finance Limited Abdul Latif Bara Bhuiyan said if the talks proceed in the present positive pace, the bank is expected to start functioning early next year.