Status Update No 2 on Restructuring Plan

Dear Customer,

Further to my letter dated 12 July 2022, I write to provide you with a further update on our
restructuring plan.

Based on our discussion with and feedback received from the Financial Conduct Authority (FCA), there
is now a strong possibility that we shall not receive the API authorization for our new remittance entity
Sonali Pay on or before 16 Aug 2022 and hence our remittance service will not be available to you
after that date. While we shall make every effort to resume the remittance service to you as soon as
we receive the API authorisation from the FCA, we are currently unable to commit any deadline for
the same.

I fully understand the inconvenience that you would face temporarily for not having access to our
remittance service and hence we have identified a few reliable alternative service providers who can
be used during this interim period. You can visit any Post Office in the UK who offer remittance services
via MoneyGram. Another alternative would be to use the services of Western Union, Small World or
BRAC Saajan who have many agents within your local community (i.e., off-license shops with Bangla
speaking staff). Our dedicated Bangla speaking officers at our Birmingham and London offices can
advise you further if needed regarding registering with another services remitter.
I thank you for your understanding and patience and look forward to serving you again in the near
future on your remittance needs.

If you need further clarification, please do not hesitate to contact us on 020 7877 8200 or via email
at contact@sonali-bank.co.uk or enquiries@sonali-bank.co.uk.

Yours Sincerely
Mr Khawja Masum Billah
Chief Executive Officer

Sonali Bangladesh (UK) Limited on 16th August 2022 took over the existing legal obligations of Sonali Bank (UK) Limited by virtue of section 81 (2) of the Companies Act 2006.

 Sonali Bank (UK) Limited closed all personal accounts on 31st December 2017. The balance remaining on the accounts was subsequently transferred to independent trustees appointed for that purpose, in accordance with the terms of a trust deed entered between SBUK and the trustees. This was communicated to customers at the time so as they could contact the Trustees to make applications for unclaimed funds.

 To allow former account holders more time to apply for unclaimed deposits from the Trustees, the Trust has been extended by a further 5 years until 20th February 2029.

 The trustees are Christine Bartlett and Nigel Heath Sinclair of Richard Long & Co, whose contact details are as follows:

 Christine Bartlett and Nigel Heath Sinclair

Richard Long & Co

Castlegate House

36 Castle Street

Hertford

Hertfordshire

SG14 1HH

 Telephone number: 01992 503372.

 Email: heath.sinclair@richardlong.co.uk (with a copy to enquiries@richardlong.co.uk)

  

If you wish to claim payment of amounts owed to you, the appropriate course will be to make a request for payment in writing to the trustees using the contact details above, rather than SBUK. When you contact the trustees in this way, you will be required to prove your identity in the same way as if you were withdrawing the funds from the Bank prior to 31st December 2017. 

 

Please note that funds transferred to the trustees, do not earn any interest as per the Trust arrangement.   

Dear Customer,

Further to my letter dated 12 July 2022, I write to provide you with a further update on our
restructuring plan.

Based on our discussion with and feedback received from the Financial Conduct Authority (FCA), there
is now a strong possibility that we shall not receive the API authorization for our new remittance entity
Sonali Pay on or before 16 Aug 2022 and hence our remittance service will not be available to you
after that date. While we shall make every effort to resume the remittance service to you as soon as
we receive the API authorisation from the FCA, we are currently unable to commit any deadline for
the same.

I fully understand the inconvenience that you would face temporarily for not having access to our
remittance service and hence we have identified a few reliable alternative service providers who can
be used during this interim period. You can visit any Post Office in the UK who offer remittance services
via MoneyGram. Another alternative would be to use the services of Western Union, Small World or
BRAC Saajan who have many agents within your local community (i.e., off-license shops with Bangla
speaking staff). Our dedicated Bangla speaking officers at our Birmingham and London offices can
advise you further if needed regarding registering with another services remitter.
I thank you for your understanding and patience and look forward to serving you again in the near
future on your remittance needs.

If you need further clarification, please do not hesitate to contact us on 020 7877 8200 or via email
at contact@sonali-bank.co.uk or enquiries@sonali-bank.co.uk.

Yours Sincerely
Mr Khawja Masum Billah
Chief Executive Officer

August 2, 2022 | Sonali Bank UK