Depositors lock gates of Ctg bank branches, demand scrapping of profit cut decision

Depositors in Chattogram today locked the gates of five branches of banks merging into Sammilito Islami Bank PLC, demanding the withdrawal of proposed cuts to profit rates on deposits and the resumption of normal banking services.

Aggrieved clients in the Agrabad area also formed a human chain in front of the port city’s World Trade Center later in the day.

The five banks involved in the merger—EXIM Bank, Social Islami Bank, First Security Islami Bank, Global Islami Bank, and Union Bank—reportedly hold deposits of around Tk 1.31 lakh crore from nearly 77 lakh account holders.

On Sunday, depositors had surrounded and locked the gates of three branches in Khatunganj with similar demands.

Protesters called for the immediate cancellation of the "haircut" decision, referring to a reduction or withholding of profit on deposits, and demanded full guarantees for the return of their savings. They also urged authorities to restore normal transactions, lift withdrawal restrictions, and take steps to rebuild customer confidence.

Around 10:00am, depositors marched along Agrabad Access Road before locking the gates of branches of EXIM Bank, First Security Islami Bank, and Social Islami Bank, then gathered at the World Trade Center.

Police were deployed near the regional office of the combined Islami banking entity on the ground floor. At one point, protesters locked that office as well, leaving some officials temporarily stranded inside. More than a hundred depositors demonstrated outside, chanting slogans over their inability to access funds.

Depositor Samina Akter said she had saved money for future security but could not withdraw it when needed.

“Eid-ul-Azha is approaching, but without access to my savings, I may not be able to perform Qurbani. It’s distressing,” she said, adding that bank authorities had shown little accountability.

“We deposited our hard-earned money trusting these banks. That trust is now broken,” said Mohammad Kashem, a trader.

Businessman Ismail Hossain, another depositor, said he could not access even the principal amount.
“The bank itself has become a source of risk,” he said, adding that he was struggling to meet household and education expenses.

Mohammad Azam, general secretary of the Chattogram unit of the Bangladesh Affected Depositors Association, questioned whether depositors would receive their money at all.
“There is no clear explanation whether payments will be made under a unified Islami bank name or individual bank identities. We need assurance,” he said.

The association’s president, Abul Kalam Azad, told reporters that members were “forced to take to the streets to access their own money,” urging the immediate return of deposits ahead of Eid.

Officer-in-Charge of Double Mooring Police Station Jamal Uddin Khan said police brought the situation under control.

“The locks have been removed, and no untoward incident occurred,” he added.

On January 14 this year, Bangladesh Bank initially decided that no profit would be paid on deposits in the five banks from early 2024 to end-2025. The decision was later revised, fixing a 4 percent profit rate for individual and term deposits for 2024 and 2025.