PRA removes deposit taking permission from Sonali Bank

PRA has varied Sonali Bank’s permission so that it no longer has permission to accept deposits. The decision, published in a second supervisory notice, states that the firm is failing to meet the threshold conditions because it does not meet the PRA criteria for being a fit and proper person. As a result, PRA has used its own-initiative powers to vary the permission with effect from 16 August 2022. The bank applied to cancel its permission on 22 July.

Emma Radmore