NRBC Bank PLC.

Last updated

NRBC Bank PLC.
Company type Public Limited
DSE:  NRBCBANK
CSE:  NRBCBANK
Industry Banking
Founded2013
Headquarters Dhaka, Bangladesh
Area served
Bangladesh
Key people
  • Parvez Tamal (Chairman)
  • Golam Awlia MD and Vice Chairman Rafikul Islam Mia Arzoo
[1]
Services Banking
Financial services
Website www.nrbcommercialbank.com

NRBC Bank PLC. is a bank in Bangladesh. SM Parvez Tamal is the chairperson of the bank. [2] The bank is listed on the Dhaka and Chittagong stock exchanges. [3] Golam Awalia is the CEO and managing director of the bank. [4]

Contents

History

NRBC Bank PLC. was established on 2 April 2013. [5] It was launched at Sonargaon Hotel and at the time was the first NRB bank of Bangladesh. [6]

In April 2016, Farasath Ali was re-elected chairman of the bank and Toufique Rahman Chowdhury, founder of Metropolitan University, Sylhet, was reelected vice chairman of the bank. [7]

In October 2017, the Parliamentary Standing Committee on the finance ministry expressed deep concerns over the activities of NRB Commercial Bank Limited and The Farmers Bank Limited and called for protecting them from bankruptcy. [8] [9] An investigation by Bangladesh Bank had found massive irregularities against the two banks. [8] Chairman of NRB Commercial Bank Limited, Farasath Ali, did not attend the meeting of the Parliamentary Standing Committee on the finance ministry. [8] Bangladesh Bank found officials of NRB Commercial Bank Limited guilty of forging the signatures of the bank directors and issuing 7 billion taka of loans violating banking rules. [8] The bank violated policy when it gave loans to Shahidul Ahsan, former chairman of Mercantile Bank. [8] Following the Bangladesh Bank report NRB Commercial Bank Limited removed Farasath Ali as chairman of the bank and replaced him with Tamal SM Parvez in December 2021. [10] The bank also sent its managing director and Chief Executive Office, Dewan Mujibur Rahman, on leave and did not fire him after he secured a court verdict in his favor. [10] [11] [12] Four other officials were removed from the bank. [10] Bangladesh Bank would issue a two-year ban against Farasath Ali for irregularities. [13] [14]

In 2018, NRB Commercial Bank Limited was one of the worst performing banks in Bangladesh with high rates of loan defaulting. [15] The same year Khondoker Rashed Maqsood was appointed CEO and managing director of the bank. [16] Under him the bank tried to improve their reputation and make a break from the fiscal scandals. [17]

In 2019 the bank had 71.85 billion taka in deposits and 62.01 billion in loans. [5]

In 2020, Md Mukhter Hossain was appointed CEO and managing director of the bank. [18] A major shareholder of the bank, Mohammad Shahid Islam, was sentenced to jail for human trafficking and money laundering in Kuwait. [19]

NRBC Bank PLC. announced plans to go for initial public offering in February 2021. [20] Asia Frontier Capital Limited and Asian Tiger Capital Partners were the IPO managers of the bank. [5] NRBC Bank PLC. would be the first bank in 12 years to go for IPO in Bangladesh. [5]

Golam Awalia was appointed the CEO and managing director of the bank in May 2021. [21] [22] In September 2021, Bangladesh Bank fined NRB Commercial Bank Limited for investing more than the allowed limit in the stock market. [23] It imposed another fine worth around half a million taka against NRB Bank for the same reason. [24] In October 2021, NRB Commercial Bank Limited stocks lost significant value index of Dhaka Stock Exchange. [25]

NRBC Bank PLC. announced plans to issue 5 billion taka worth of subordinated bonds. [26]

For 2022, The Board of Directors of NRBC Bank PLC. has recommended a 12 percent dividend comprising 7.50 percent cash and 4.5 percent stock dividend for the shareholders.

Financial services

Related Research Articles

<span class="mw-page-title-main">Sonali Bank</span> State-owned Bangladeshi commercial banking institution

Sonali Bank PLC is the principal state-owned leading public commercial bank in Bangladesh. It is the largest bank in the country. Ziaul Hasan Siddiqui is the chairman of the Bank. Niranjan Chandra Debnath and Sanchia Binte Ali are the deputy managing directors of the bank.

Rupali Bank is a state owned commercial bank in Bangladesh. Its headquarters is in 34 Dilkusha, Dhaka. Kazi Sanaul Haque is the chairman of the bank. Mohammad Jahangir is the managing director of the bank.

Uttara Bank PLC. is one of the largest and oldest private sector commercial banks in Bangladesh. There are 243 branches at home and 600 affiliates worldwide. Azharul Islam, chairman of Aftab Group, is the chairman of Uttara Bank PLC.

<span class="mw-page-title-main">Janata Bank</span> State-owned commercial bank of Bangladesh

Janata Bank PLC. is a state-owned commercial bank of Bangladesh established in 1972. Its headquarters is situated at Motijheel in Dhaka, the capital city of Bangladesh. It is the second largest commercial bank in Bangladesh. In 2019, Janata Bank had a fiscal deficit of 82.56 billion taka, the highest of any bank in Bangladesh ever. It's the best performing public bank in Bangladesh.

<span class="mw-page-title-main">Eastern Bank PLC. (Bangladesh)</span> Bank in Bangladesh

Eastern Bank PLC. is a private commercial bank headquartered in Dhaka, Bangladesh. It was established on August 8, 1992, as a public limited company with limited liability under the Bank Companies Act of 1991. Its share are listed in the Dhaka Stock Exchange and the Chittagong Stock Exchange. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. It has 85 branches and 214 ATMs in Bangladesh and employs around 3000 employees.

Southeast Bank PLC. is a private commercial bank in Bangladesh. Alamgir Kabir is chairman of the bank and M Kamal Hossain is the managing director of the bank.

Al-Arafah Islami Bank PLC is an Islamic bank in Bangladesh. The Bank is controlled by S. Alam Group of Industries.

ONE Bank PLC (OBPLC) is a public limited commercial bank in Bangladesh. It is in the business of taking deposits from public through various saving schemes and lending the fund in various sectors at a higher margin. A.S.M. Shahidullah Khan is chairman and Md. Monzur Mofiz is the managing director of One Bank PLC.

NRB Bank is one of the third generation private banks in Bangladesh. Mohammed Mahtabur Rahman, chairman of Al Haramain Perfumes, is the chairman of the NRB Bank. Mohammed Jamil Iqbal and Tateyama Kabir are vice-chairmen of the NRB Bank. Mehmood Husain is the CEO and managing director of NRB Bank.

Bangladesh Krishi Bank is a fully government owned bank in Bangladesh founded in 1973. The primary purpose of the bank is to provide services to farmers and agricultural industry. Rajshahi Krishi Unnayan Bank is the other state owned agriculture bank in Bangladesh.

<span class="mw-page-title-main">Premier Bank PLC.</span> Bangladeshi commercial bank

The Premier Bank PLC. is a private commercial bank with its registered office in Banani, Dhaka, Bangladesh. Dr. H. B. M. Iqbal is the Chairman and Shafiqur Rahman is one of the founders and director of this Bank. M. Reazul Karim, FCMA is the current managing director & CEO.

Shimanto Bank is a schedule commercial bank in Bangladesh and related to the Border Guards Bangladesh. As the slogan goes "Shimanhin Astha", Shimanto Bank Limited aims to be the leading financial institution to serve with utmost trust. Rafiqul Islam is the chief executive officer and managing director of the bank. Major General Shakil Ahmed, director general of Border Guards Bangladesh, is the chairman of the bank.

Padma Bank PLC. is a private commercial bank headquartered in Gulshan-1, Dhaka, Bangladesh. The bank was established in 2013. The fourth generation bank commenced its banking operation on June 3, 2013. By an order On 29 January 2019 Bangladesh Bank has changed the name of The Farmers Bank Limited to Padma Bank Limited after the bank failed to pay its liabilities due numerous bad loans and embezzlements.

<span class="mw-page-title-main">South Bangla Agriculture and Commerce Bank Limited</span> 4th Generation Private commercial bank of Bangladesh

South Bangla Agriculture and Commerce Bank Limited(SBAC) is a private commercial bank headquartered in Dhaka, Bangladesh. It incorporated in 2013 as a banking company under Companies Act, 1994 and is regulated under the Banking Companies Act, 1991. The bank has network of 88 branches and 25 sub-branches around the country.

Global Islami Bank, former known as NRB Global Bank, is a fourth generation Bangladeshi sharia compliant private bank. Nizam Chowdhury is the chairperson of the Bank. Syed Habib Hasnat is the managing director of Global Islami Bank.

Midland Bank Limited is a fourth generation private commercial bank in Bangladesh. Nilufer Zafarullah is chairperson of the bank. Md Ahsan-uz Zaman, is the managing director and CEO of Midland Bank Limited.

Union Bank PLC is a fourth-generation private Islamic bank in Bangladesh. It is listed on the Dhaka Stock Exchange.

International Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh. Md. Nazrul Islam Khan is the chairman and Md. Mashiur Rahman is the managing director of International Leasing and Financial Services Limited. Proshanta Kumar Halder, a banker and known as "Sultan of swindle", had according to media reports embezzled 30 billion taka from the institute and according to Bangladesh Bank 15.69 billion taka. The fraud was aided Amitav Adhikary, a cousin of Proshanta Kumar Halder and senior management at International Leasing and Financial Services Limited.

Fareast Finance and Investment (FFIL) is a major non-bank financial institution in Bangladesh providing leasing and loans. It is listed on the Dhaka Stock Exchange.

First Finance Limited is a major non-bank financial institution in Bangladesh. Khan Mohammad Moinul Hasan is the chairman of the First Finance Limited.

References

  1. ↑ "NRB Commercial Bank Limited". nrbcommercialbank.com. Retrieved 23 June 2022.
  2. ↑ "NRBC Bank steps into 10th year of operations". The Daily Star. 5 April 2022. Retrieved 24 June 2022.
  3. ↑ "NRBC EPS doubles in 2nd quarter". The Daily Star. 29 July 2021. Retrieved 24 June 2022.
  4. ↑ "UCB Investment announces closure of Fair Electronics Preference Share worth Tk2,000M". The Business Standard. 23 June 2022. Retrieved 24 June 2022.
  5. 1 2 3 4 "NRBC: First bank in 12 years to go for IPO". The Daily Star. 19 November 2020. Retrieved 24 June 2022.
  6. ↑ "First NRB bank starts journey". The Daily Star. 3 April 2013. Retrieved 24 June 2022.
  7. ↑ "NRBC Bank re-elects chairman, vice chairman". The Daily Star. 25 April 2016. Retrieved 24 June 2022.
  8. 1 2 3 4 5 "Graft leaves 2 pvt banks in dire straits". The Daily Star. 30 October 2017. Retrieved 24 June 2022.
  9. ↑ "'Probe further, ensure penalty for NRBC, Farmers banks grafts'". The Daily Star. 29 October 2017. Retrieved 24 June 2022.
  10. 1 2 3 Harmachi, Abdur Rahim. "NRB Commercial Bank ousts chairman Farasath Ali, forces MD Mujibur to go on leave". bdnews24.com. Retrieved 24 June 2022.
  11. ↑ "BB grills NRBC Bank CEO over loan scandal". The Daily Star. 25 October 2017. Retrieved 24 June 2022.
  12. ↑ "Court stays removal of NRBC Bank's MD". The Daily Star. 8 December 2017. Retrieved 24 June 2022.
  13. ↑ "Bangladesh Bank bans ex-NRBC chair Farasath for 2yrs". New Age. Retrieved 24 June 2022.
  14. ↑ "BB upholds ban on ex-NRBC Bank chairman Farasath Ali". The Business Standard. 26 January 2021. Retrieved 24 June 2022.
  15. ↑ Uddin, AKM Zamir (25 June 2018). "Default loans pile up in new banks". The Daily Star. Retrieved 24 June 2022.
  16. ↑ "NRBC Bank gets new CEO". The Daily Star. 5 April 2018. Retrieved 24 June 2022.
  17. ↑ Alo, Jebun Nesa (24 March 2019). "NRBC restoring confidence". The Daily Star. Retrieved 24 June 2022.
  18. ↑ "New MD for NRBC Bank". The Daily Star. 14 January 2020. Retrieved 24 June 2022.
  19. ↑ "Kuwait's top court upholds 7-year sentence of ex-Bangladesh MP Shahid". bdnews24.com. Retrieved 24 June 2022.
  20. ↑ "NRB Commercial Bank's IPO subscription begins Feb 3". The Daily Star. 27 January 2021. Retrieved 24 June 2022.
  21. ↑ "NRBC Bank gets new managing director". Dhaka Tribune. 4 May 2021. Retrieved 24 June 2022.
  22. ↑ "Awlia becomes NRBC Bank MD, CEO". New Age. Retrieved 24 June 2022.
  23. ↑ Uddin, AKM Zamir (6 September 2021). "NRB Commercial Bank fined for breaching stock investment ceiling". The Daily Star. Retrieved 24 June 2022.
  24. ↑ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 24 June 2022.
  25. ↑ "Stocks bleed for 7th day". The Daily Star. 20 October 2021. Retrieved 24 June 2022.
  26. ↑ "NRBC Bank to issue Tk500cr subordinated bond". The Business Standard. 25 May 2022. Retrieved 24 June 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.