NRB Bank

Last updated

NRB Bank
Company type Public
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 fourth-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]

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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.
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