Individual depositors of nine non-bank financial institutions (NBFIs) that have been decided for closure will have their money refunded. This will require an expenditure of approximately Tk 50 billion (5,000 crores).

Bangladesh Bank has received assurances from the government that the required funds will be provided. Following this commitment, the central bank is now initiating the liquidation process for the institutions concerned.

According to Bangladesh Bank sources, as part of the liquidation process, one director from the central bank will be appointed as administrator for each institution. In addition, two further officials will be appointed to each entity. The institutions will simultaneously be declared non-operational.

Sources concerned said that the nine financial institutions for which a final decision on closure has been taken are: Peoples Leasing, International Leasing, Bangladesh Industrial Finance Company (BIFC), FAS Finance, Aviva Finance, Fareast Finance, GSP Finance, Prime Finance and Premier Leasing.