BASIC Bank is experiencing a deep liquidity crunch as depositors have been withdrawing money for weeks following news that the state-run lender is going to be acquired by a private commercial bank.

As a state-run bank, BASIC Bank's officers and employees enjoy and job security alongside various employee benefits -- including salaries, provident fund facilities, gratuity, retirement allowance -- which may differ from those offered at City Bank.

Troubled state-owned BASIC Bank is likely to be acquired by private sector lender City Bank as the central bank is forging full steam ahead with its plan to engineer the takeover of weak banks with stronger ones.