Remittance Customer Communication SBUK Name Change

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
CEO

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.   

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
CEO

July 21, 2022 | Sonali Bank UK