NRB Bank

Last updated

NRB Bank
Type Private
Industry Banking
Founded2013
Founder Iqbal Ahmed (OBE)
Headquarters Dhaka, Bangladesh
Area served
Bangladesh
Key people
[1]
Services Banking
Financial services
Website www.nrbbankbd.com

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. [2] Mohammed Jamil Iqbal and Tateyama Kabir are vice-chairmen of the NRB Bank. [3] Mehmood Husain is the CEO and managing director of NRB Bank. [4]

History

Migrants Bangladeshis were demanding such type of bank since 1990s. However, Md. Bayazid Sarker an economist and Central Bank official of Bangladesh first develop a theoretical structure of the bank and officially floated the idea in his research paper titled "Alternative Resource of World Bank for External Financing in Bangladesh: A Foreign Remittance Approach" on 15 December 2007 in Dhaka. [5] Bangladesh Bank called for NRB bank applications in 2011 and finally issued three NRB Bank (Non-resident Bangladeshis Bank) licenses in 2013; the NRB Banks are NRB Commercial Bank Limited, NRB Bank Limited and NRB Global Bank Limited. [6] [7] There is no differences between the operations of a regular bank and a NRB bank. [8]

In 2014, NRB Bank provided a loan to Mohammad Shahed, Chairman of Regent Hospital, without proper collateral. [9] Anti-Corruption Commission filled two cases over the loans in 2020 against Shahed and bank officials. [9] [10]

In May 2015, Bangladesh Bank provided NRB Bank permission to operate agent banking. [11]

Md Mehmood Husain was appointed managing director of NRB Bank on 1 August 2016. [4]

Md Mukhter Hossain, CEO and managing director of NRB Commercial Bank, was appointed an advisor to NRB Bank on 5 May 2021. [12]

In September 2021, a special internal audit of NRB Bank found that the bank engaged in "unethical" investments in the stock marketing causing harm to both the bank, a loss of 1.03 billion taka, and the stock market. [13] [14] Bangladesh Bank finned the bank 4.9 million taka over the investments and market manipulation. [15] [16] [17] Chief financial officer of NBR Bank was terminated. [18] It also announced plans in September 2021 its intention to start an IPO soon. [19] On 27 September 2021, the Anti-Corruption Commission filed charges against M Badiuzzaman, Director of NRB Bank, and his wife for allegedly embezzling 25.3 million taka from the bank. [20]

In November 2021, Bangladesh Securities and Exchange Commission began an investigation into the activities of NRB Bank. [21]

Related Research Articles

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.

<span class="mw-page-title-main">Agrani Bank</span> Bangladeshi Bank

Agrani Bank Limited (ABL) (Bengali: অগ্রণী ব্যাংক) is a state-owned commercial bank of Bangladesh established in 1972. Its headquarters is situated at Motijheel in Dhaka, the capital city of Bangladesh. Murshedul Kabir is the CEO and managing director of Agrani Bank.

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

Janata Bank Ltd. 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 worst performing public bank in Bangladesh.

<span class="mw-page-title-main">National Bank Limited</span> Bank in Bangladesh

The National Bank Limited is a private limited bank in Bangladesh. Md Mehmood Husain is the Managing Director and Chief Executive Officer of the bank.

Dhaka Bank Limited is a private limited commercial bank in Bangladesh. Its headquarters are situated in Dhaka. Currently the bank has 100 branches and 3 SME Service Centers around the country.

Southeast Bank Limited 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.

<span class="mw-page-title-main">S. Alam Group of Industries</span> Bangladeshi industrial conglomerate

S.Alam Group is a Bangladeshi industrial conglomerate. S. Alam Group also has investment in banking, leasing, insurance, stock brokering, and merchant banking. The industries under this group include food and allied products, steel, banking, consumer products, sugar, cement, power, energy, transportation, shipping, manufacturing, hospitality, financial institution, agro, trading, oil, and gas.

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 Limited</span> Bangladeshi commercial bank

The Premier Bank Limited (PBL) 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 founder & Director of this Bank. M. Reazul Karim, FCMA is the current Managing Director & CEO.

Prashanta Kumar Halder, also known as PK Halder, is a Bangladeshi-Canadian banker, businessman and a finance officer. He is a fugitive and wanted in Bangladesh for embezzlement of more than 102 billion taka, one of the biggest cases in Bangladesh. The Daily Star called him the "Sultan of Swindle". It is inspected that he has laundered more than a billion US dollars out of Bangladesh.

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.

NRB Commercial Bank Limited is a bank in Bangladesh. SM Parvez Tamal is the chairperson of the bank. The bank is listed on the Dhaka and Chittagong stock exchanges. Golam Awalia is the CEO and managing director of the 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.

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.

People's Leasing and Financial Services Limited is a major non-bank financial institution in Bangladesh providing leasing and investment services.

FAS Finance and Investment Limited is a major non-bank financial institution in Bangladesh providing lease financing and investment services.

Bangladesh Industrial Finance Company Limited is a major non-bank financial institution in Bangladesh.

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.

Premier Leasing and Finance Limited, also known as PLFL, is a major non-bank financial institution in Bangladesh that provides leasing finance.

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. ↑ "Mahtabur Rahman new chairman of NRB Bank". The Independent. Dhaka. Retrieved 29 March 2017.
  2. ↑ "NRB Bank re-elects chairman". The Daily Star. 27 June 2019. Retrieved 1 January 2022.
  3. ↑ "NRB Bank reelects vice chairmen". The Daily Star. 1 September 2021. Retrieved 1 January 2022.
  4. 1 2 "Mehmood Husain, new CEO of NRB Bank". The Daily Star. 3 August 2016. Retrieved 1 January 2022.
  5. ↑ Sarker, M.B. (2010). Bangladesh Economic Association Samoiki 2010. pp 689–701. thesteps.org
  6. ↑ "First NRB bank starts journey". The Daily Star. 3 April 2013. Retrieved 1 January 2022.
  7. ↑ "NRB Bank takes off". The Daily Star. 29 May 2013. Retrieved 1 January 2022.
  8. ↑ "No clear BB guideline for NRB banks". The Daily Star. 12 December 2017. Retrieved 1 January 2022.
  9. 1 2 Khan, Mahbubur Rahman (22 July 2020). "Loan from NRB Bank: No rules meant for Shahed". The Daily Star. Retrieved 1 January 2022.
  10. ↑ "Shahed accused in NRB Bank scam case". The Daily Star. 23 July 2020. Retrieved 1 January 2022.
  11. ↑ "Bank Asia, NRB Bank get approval for agent banking". The Daily Star. 30 May 2014. Retrieved 1 January 2022.
  12. ↑ "NRB Bank gets adviser". The Daily Star. 5 May 2021. Retrieved 1 January 2022.
  13. ↑ Uddin, AKM Zamir; Habib, Ahsan (29 September 2021). "NRB Bank deliberately loses Tk 103cr to favour stock gamblers". The Daily Star. Retrieved 1 January 2022.
  14. ↑ "NRB Bank involved in stock market scandal?". The Daily Star. 18 October 2021. Retrieved 1 January 2022.
  15. ↑ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 1 January 2022.
  16. ↑ "NRB Bank fined Tk49.50 lakh for share price manipulation". The Business Standard. 16 September 2021. Retrieved 1 January 2022.
  17. ↑ "NRB Bank gets the regulator's stick for overreaching investment ceiling". The Financial Express. Retrieved 1 January 2022.
  18. ↑ "How banks fuelled stock prices". The Business Standard. 13 September 2021. Retrieved 1 January 2022.
  19. ↑ "NRB Bank to go public". The Business Standard. 14 September 2021. Retrieved 1 January 2022.
  20. ↑ "Case filed by ACC against NRB Bank director and his wife". UNB. Retrieved 1 January 2022.
  21. ↑ "Probe body formed to investigate against NRB Bank". Risingbd.com. Retrieved 1 January 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.