12 July 2022

Dear Customer,

First of all, I would like to thank you for using our remittance services and I hope that the same would continue in the future.

I am writing to inform you that we performed a detailed strategic review of our business and operating model. After careful consideration of the regulatory expectations and looking at the long-term viability of the business, our board and shareholders have recently approved a restructuring plan to create a separate Authorised Payment Institution (API) entity to cater for your remittance needs.

As part of the restructuring plan mentioned above, we have already formed a separate legal entity named as Sonali Pay UK Limited and applied for a separate API licence from the Financial Conduct Authority (FCA) in order to continue our remittance service to you.

Please note that should the approval of our API application is delayed beyond August 2022, we shall endeavour to make alternative arrangements so that you can continue to use our counters to make your remittance payments. We will communicate details to you once finalised and nearer to the regulatory deadline (16 August 2022).

We believe that under the existing T&C’s we can onboard you seamlessly to Sonali Pay or partner organisations in order to continue providing you with the remittance service.

If you need further clarification, please do not hesitate to contact me or my colleague Hadayet Islam hadayetul.islam@sonali-bank.co.uk.

Yours Sincerely
Mr Masum Billah