The Central Bank’s merger announcement of Basic Bank Limited with City Bank has sparked panic among its officers and customers. Pressure mounts as customers rush to withdraw deposits, citing the merger decision. Basic Bank’s managing director expressed concern and discussed strategies to retain customer trust. Controversy arose over the Central Bank’s refusal to classify Basic Bank as a government bank. Despite being 100% state-owned, Basic Bank lacks a specific government bank order. Employees oppose merging with private banks, demanding a merger with a government bank instead. They have submitted memoranda to the Central Bank governor and finance ministry to address their concerns.
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