AB Bank

AB Bank Limited

Native name	এবি ব্যাংক লিমিটেড
Formerly	Arab Bangladesh Bank Limited
Company type	Public Limited Company
Traded as	DSE:  ABBANK
Industry	Banking
Founded	April 12, 1982;43 years ago (1982-04-12) in Dhaka, Bangladesh
Headquarters	The Skymark, 18 Gulshan Avenue, Gulshan 1, Dhaka 1212 , Bangladesh
Number of locations	104
Area served	Bangladesh, Mumbai, India
Key people	Syed Mizanur Rahman (Managing Director & CEO) Kaiser A. Chowdhury (Chairman)
Products	Consumer Banking Corporate Banking Retail Banking SME Banking Islamic Banking Credit Cards
Services	Local & Foreign Cashless Transactions, Debit & Credit Cards, Retail Banking, Loan & Deposits
Number of employees	2,300+
Subsidiaries	Local AB Securities Limited AB Investment Limited Cashlink Bangladesh Limited Foreign AB International Finance Limited
Website	abbl.com

AB Bank (formerly Arab Bangladesh Bank) is a leading ^[1] private sector bank in Bangladesh. AB Bank Limited was incorporated on 31 December 1981 and its the first commercial private bank in Bangladesh. ^[2]

History

AB Bank was established on 31 December 1981. ^{[3] [4]} This was the first joint venture private bank in Bangladesh. On 14 November 2007 Bangladesh bank approved the name change to AB Bank from Arab Bangladesh Bank. ^[5] A former deputy managing director was charged with embezzling 3.25 billion taka from the bank. ^{[6] [7] [8]}

In February 2008, AB Bank was fined 100 million taka for violating securities law with excessive marginal loans. The majority of these loans from the merchant banking wing of AB Bank went to bank employees and their relatives. ^[9]

In 2014 AB bank completed its acquisition of Cashlink Bangladesh Limited. ^[10] A former vice president and his wife were sentenced to life in prison for embezzlement of 67.4 million taka from the bank in 2016. ^[11] According to an investigation by Bangladesh Bank, AB Bank had laundered 1.65 billion taka to United Arab Emirates. ^[12] The investigation identified Cheng Bao General Trading LLC and Pinnacle Global Fund Pte Limited for being involved in laundering the money. ^[12] According to the Anti-Corruption Commission, M Morshed Khan, founder of the bank, unduly favored loans to Citycell which was also owned by him. ^[13]

On 14 June 2022, Justices Md Nazrul Islam Talukder and Kazi Md Ejarul Haque Akondo the High Court Division criticized the Anti-Corruption Commission and Bangladesh Police for not being able to arrest the 15 accused in the 1.76 billion taka embezzlement case. ^[14]

• Banks portal

References

1. "Bangladeshi officials, executives choose to learn Chinese to get ahead". Xinhua News Agency. Archived from the original on 31 August 2016.
2. "Arab Bangladesh Bank Limited - Banglapedia". en.banglapedia.org. Retrieved 13 October 2022.
3. "Background of AB Bank Limited". AB Bank Limited. Retrieved 8 September 2016.
4. "AB Bank aims to expand services to every corner of Bangladesh". The Business Standard. 12 April 2022. Retrieved 13 October 2022.
5. "Arab Bangladesh Bank Limited". Banglapedia. Retrieved 8 September 2016.
6. "Ex-AB Bank DGM held for amassing Tk 325cr". The Daily Star. 17 July 2016. Retrieved 8 September 2016.
7. "BB general manager arrested". The Daily Star. 17 July 2016. Retrieved 8 September 2016.
8. "Dhaka Tribune | AB Bank news update in Bangladesh, World". archive.dhakatribune.com. Retrieved 13 October 2022.
9. here, For Full Story please click (18 February 2008). "Tk 10cr fine slapped on AB Bank". The Daily Star. Retrieved 30 April 2021.
10. "AB Bank completes Cashlink acquisition". The Daily Star. 18 October 2014. Retrieved 8 September 2016.
11. "Ex-AB Bank official, wife get life term imprisonment". Dhaka Tribune. Archived from the original on 18 September 2016. Retrieved 8 September 2016.
12. Uddin, AKM Zamir; Rahman, Sajjadur (18 December 2017). "AB Bank laundered Tk 165cr to UAE". The Daily Star. Retrieved 26 November 2022.
13. Alo, Jebun Nesa (7 March 2019). "Dragged down by directors". The Daily Star. Retrieved 26 November 2022.
14. Report, Star Digital (14 June 2022). "Embezzling Tk 176cr from AB Bank: HC blasts ACC, police for not arresting 15 accused". The Daily Star. Retrieved 26 November 2022.