City Bank (Bangladesh)

Last updated

City Bank PLC
Native name
সিটি ব্যাংক পিএলসি
FormerlyThe City Bank Limited
Company type Public Limited Company
DSE:  CITYBANK
ISIN BD0102CTBNK5
Industry Banking, financial services
Founded28 March 1983;41 years ago (1983-03-28)
FounderMonowar Ali, Ibrahim Mia (Late), Abdul Hadi (Late), M.A. Hashem (Late), Anwar Hossain, Abdul Barik Choudhury (Late), Deen Mohammad, A.B.M. Feroz, Md. Ali Hossain, Azizul Haque Chowdhury, N.A. Chowdhury (Late)
HeadquartersCity Bank Center, 28, Gulshan Avenue, Gulshan 1, 1212, ,
Bangladesh
Number of locations
133 (2022) [1]
Area served
Bangladesh
Key people
Aziz Al Kaiser (Chairman) Mashrur Arefin (CEO) [2]
Products Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance
RevenueIncrease2.svg 24.58 billions (2022)
Increase2.svg 11.82 billions (2022)
Increase2.svg 45.07 billions (2022)
Total assets Increase2.svg 506.84 billions (2022)
Number of employees
4,866 [1]  (2022)
Website citybankplc.com

City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka. [3] The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. It has 133 branches. [1] The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh. [4]

Contents

The bank is a real-time online bank, having its branches, SME/Agri branches spread across Bangladesh along with a full-fledged Islami Banking branch. The managing director and CEO of the bank is Mashrur Arefin. [5] City Bank has gone international establishing 10 branches and 1 representative office in Malaysia in 2013 and one subsidiary office in Hong Kong in 2019. International Finance Corporation solely has invested BDT 1.31 billion, attaining a 5% share of City Bank. [6]

History

It is a first-generation private commercial bank and it is one of the oldest commercial banks in the country. Then known as "City Bank PLC", its operations were started on 28 March 1983 by 12 local businessmen of the country. Those directors commenced the journey with only BDT 34 million worth of Capital, which now is a respectable BDT 3.3 billion as capital & reserve. [7] [8] [9] Deen Mohammad, chairman of Phoenix Group, was the founder of City Bank. [10]

City Bank PLC opened its first branch in the B. B. Avenue Branch in Dhaka. In 1986, City Bank PLC was listed on the Dhaka Stock Exchange and in 1995 it was listed on Chittagong Stock Exchange. [11] [12]

On its 25th anniversary in 2008, City Bank PLC revamped its image and services. This includes the launch of a new logo, launched American Express. [13] credit cards, brokerage business, and City Wallet (SMS Banking) service. The name of the bank was simplified to "City Bank PLC" from its earlier "The City Bank Limited". The new logo, depicting a red and white checkered box kite, was launched in July 2008. [14] [15]

Sohail RK Hussain was appointed managing director of City Bank in November 2013. [16]

The International Finance Corporation purchased a five percent stake in City Bank for 1.31 billion BDT in February 2016. [17] In December 2017, City Bank raised US$26 million for Doreen Power, a subsidiary of Doreen Group, to construct a powerplant in Munshiganj District. [18]

City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020. [19]

In July 2021, CDC Group provided a US$30 million loan to City Bank. [20]

Since the new offshore banking law was passed in March 2024, City Bank has managed to build offshore deposits of nearly US$21 million within two months. It is the first bank in Bangladesh to receive foreign currency deposits through its Offshore Banking products. [21]

Board of directors

NamePositionReference
Aziz Al KaiserChairman [22]
Hossain KhaledVice-chairman [22]
Rubel AzizDirector [22]
Hossain MehmoodDirector [22]
Rajibul Huq ChowdhuryDirector [22]
Syeda Shaireen AzizDirector [22]
Savera H MahmoodDirector [22]
Salim MahmudIndependent director [22]
Rebecca BronsonIFC Nominated Director [22]
Matiul Islam NowshadIndependent director [22]
Mashrur ArefinCEO and managing director [22]

Awards

The following awards were received by the bank:

2023

ITFC Trade Finance Deal of the Year Award 2023

2022

2021

2020

2019

2018

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References

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