Midland Bank Limited

Last updated

Midland Bank Limited
Type Private
Industry Banking
Founded2013
Headquarters Dhaka, Bangladesh
Area served
Bangladesh
Key people
[1] [2]
Services Banking
Financial services
Website www.midlandbankbd.net

Midland Bank Limited is a fourth generation private commercial bank in Bangladesh. [3] Nilufer Zafarullah is chairperson of the bank. [4] Md Ahsan-uz Zaman, is the Managing Director and CEO of Midland Bank Limited. [5]

History

Midland Bank Limited was established on 20 March 2013. [6] It was one of nine 4th generation bank approved all of whom have strong ties with Awami League, the government party. [7] Bangladesh Bank approved Midland Bank Limited on the condition that the bank would eventually list on the stock market. [8]

Md Ahsan-uz Zaman joined Midland Bank Limited in July 2014 as it's Chief Executive Officer and Managing Director. [9]

In 2018, defaulted loans of Midland Bank Limited rose from 220 million taka to 650 million taka. [10]

In July 2020, Md Ahsan-uz Zaman reappointed Midland Bank Limited's Chief Executive Officer and Managing Director [9] On 20 June 2021, Bangladesh Bank included Midland Bank Limited in it's Interoperable Digital Transaction Platform and Bangladesh Electronic Funds Transfer Network. [11] In 2020 Midland Bank had 45.06 billion taka in deposits and 37.86 billion in loans. [11] In September 2021, Nilufer Zafarullah was elected chairman of Midland Bank Limited and Md Shamsuzzaman was elected Vice-Chairman. [12] It launched Midland Online in an attempt to provide more online services during the COVID-19 pandemic in Bangladesh. [13] The bank made 1.62 billion taka in operating profit in 2021 and an increase from 1.25 billion taka it made in 2020. [14]

Midland Bank distributed loans worth 45 million taka to Jamdani weavers in Narayanganj in collaboration with the USHA Foundation. [15] [16]

Bangladesh Securities and Exchange Commission asked Midland Bank Limited to list on the stock market. [17] In June 2020, the Midland Bank Limited announced plans to list on the Dhaka Stock Exchange through Initial Public Offering and raise 7 billion taka from the capital market. [18] The Dhaka Tribune reported that Anwar Ispat embezzled 500 million taka from the Gulshan branch of the bank which was denied by the bank. [19] [20]

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References

  1. ↑ "Message from Chairman – Midland Bank Ltd". midlandbankbd.net. Retrieved 24 June 2022.
  2. ↑ "Message from MD & CEO – Midland Bank Ltd". midlandbankbd.net. Retrieved 24 June 2022.
  3. ↑ "Midland Bank opens branch in Sylhet". Dhaka Tribune. 21 January 2018. Retrieved 24 June 2022.
  4. ↑ "Midland Bank approves 5% cash dividend for 2021". The Business Standard. 19 June 2022. Retrieved 24 June 2022.
  5. ↑ Express, The Financial. "Midland Bank signs MoU with ACE Advisory". The Financial Express. Retrieved 24 June 2022.
  6. ↑ "MDB Profile – Midland Bank Ltd". midlandbankbd.net. Retrieved 24 June 2022.
  7. ↑ "Does Bangladesh need more banks?". Dhaka Tribune. 1 November 2017. Retrieved 24 June 2022.
  8. ↑ "Midland Bank to raise Tk 70 crore thru IPO". New Age | The Most Popular Outspoken English Daily in Bangladesh. Retrieved 24 June 2022.
  9. 1 2 Desk, Star Business (26 July 2020). "Md Ahsan-uz Zaman reappointed as Midland Bank managing director". The Daily Star. Retrieved 24 June 2022.
  10. ↑ "Nine fourth generation banks continue to bleed". Dhaka Tribune. 1 November 2018. Retrieved 24 June 2022.
  11. 1 2 Hasan, Mahmudul (20 June 2021). "Midland Bank riding on digital tech for steady growth". The Daily Star. Retrieved 24 June 2022.
  12. ↑ Desk, Star Business (25 September 2020). "Midland Bank re-elects chair, elects vice chair". The Daily Star. Retrieved 24 June 2022.
  13. ↑ Express, The Financial. "Midland Bank launches self-registration for its Internet Banking Application". The Financial Express. Retrieved 24 June 2022.
  14. ↑ Express, The Financial. "Some of Bangladeshi private banks make better operating profit". The Financial Express. Retrieved 24 June 2022.
  15. ↑ Report, Star Business (13 June 2022). "Midland Bank, USHA Foundation disburses loans to Narayanganj's Jamdani cluster". The Daily Star. Retrieved 24 June 2022.
  16. ↑ "Midland Bank distributes CMSME Stimulus Loan in Narayanganj's Jamdani Cluster". The Business Standard. 8 June 2022. Retrieved 24 June 2022.
  17. ↑ "BSEC asks 5 more banks to go public". www.dhakatribune.com. 20 February 2022. Retrieved 24 June 2022.
  18. ↑ Express, The Financial. "Midland Bank to go public". The Financial Express. Retrieved 24 June 2022.
  19. ↑ "Midland Bank issues rejoinder". Dhaka Tribune. 1 April 2021. Retrieved 24 June 2022.
  20. ↑ "Anwar Ispat swindles Tk 50cr out of Midland Bank". প্রিয়.কম. Retrieved 24 June 2022.
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