Based on a detailed strategic review of business and operating model and after careful consideration of the regulatory decision the board and shareholders of Sonali Bank UK Ltd. have recently approved a restructuring plan. As of 16th Aug 2022, Sonali Bank UK Limited has been renamed to Sonali Bangladesh UK Limited that will continue the flagship as Financial Institution (FI) and Trade Services & Finance business under the trading name SBUK. A separate entity called Sonali Pay UK Limited with trading name as Sonali Pay has already been created to exclusively cater for the remittance services to the British Bangladeshi diaspora which is awaiting the API (Authorised Payment Institution) authorization from the Financial Conduct Authority (FCA).