South Bangla Agriculture and Commerce Bank Limited

Last updated
South Bangla Agriculture and Commerce Bank Limited
Type Public limited company
DSE:  SBACBANK
CSE:  SBACBANK
IndustryBanking
Founded28-04-2013 (28-04-2013)
HeadquartersBSC Tower, (5th - 16th Floor) 2-3 Rajuk Avenue,Motijheel, Dhaka-1000, Bangladesh
Number of locations
88 branches and 25 sub-branches in (September 2023)
Area served
Bangladesh
Key people
  • Mr. Abu Zafar Mohammod Shofiuddin (Chairman)
  • Mr. Habibur Rahman (Managing Director)
Services Banking services
Consumer banking
Corporate banking
Agent banking
Islamic banking
Bangla Pay www.banglapay.org
Increase2.svg
Number of employees
1170
Subsidiaries SBAC Bank Investment Ltd. sbacbsl.com/index.html
Website www.sbacbank.com

South Bangla Agriculture and Commerce Bank Limited(SBAC) is a private commercial bank headquartered in Dhaka, Bangladesh. [1] It incorporated in 2013 as a banking company under Companies Act, 1994 and is regulated under the Banking Companies Act, 1991. [2] The bank has network of 88 branches and 25 sub-branches around the country. [3]

SBAC has a board of 19 members headed by Mr. Abu Zafar Mohammod Shofiuddin as chairman. [4] Engr. Md. Moklesur Rahman acts as vice-chairman of the board of directors. [4] Habibur Rahaman has been working as Managing Director and CEO (Acting) of the banks. [4] The Bank is listed on the Dhaka Stock Exchange and Chittagong Stock Exchange. [5] The bank faced a number of inquires in irregular loans in 2021. [6]

History

South Bangla Agriculture and Commerce Bank Limited started on 28 April 2013 obtaining license from Bangladesh Bank as a fourth generation private bank. [7] [8] It was founded by SM Amjad Hossain owner of Lockpur Fisheries. [8] Dr Abdul Mannan Chowdhury and Qazi Abdul Majid were the other major shareholders of the bank. [9] Md Rafiqul Islam joined as the CEO and managing director of South Bangla Agriculture and Commerce Bank Limited. [10]

In September 2017, Md Golam Faruque was appointed CEO and managing director of South Bangla Agriculture and Commerce Bank Limited. [11]

In 2018, it became one of six banks were Titas Gas bills could be paid. [12]

SM Amzad Hossain was reelected chairman of South Bangla Agriculture and Commerce Bank Limited in February 2019. [13]

Tariqul Islam Chowdhury resigned in April as the managing director of the bank and was replaced by Mosleh Uddin Ahmed. [14] [15] In May, the bank listed on the Dhaka Stock Exchange. [16] On 27 September 2021, Abdul Kadir Molla, Thermax Group, was elected chairman of South Bangla Agriculture and Commerce Bank Limited. [17] [18] It followed the resignation of SM Amzad Hossain, chairman of Lockpur Group and the founding chairman of the bank since 2013, and whose accounts were frozen. [17] [19] The National Board of Revenue was investigating tax evasion by Khulna Printing & Packaging Limited, a subsidiary of Lockpur Group. [17] The Bangladesh Financial Intelligence Unit asked for the bank account information on SM Amzad Hossain and his family members to be frozen. [17] He had arranged 400 million taka loan violating banking norms. [17] [20] South Bangla Agriculture and Commerce Bank Limited suspended deputy managing directors Md Kamal Uddin and Shafiuddin Ahmed and nine other officials of the bank following instructions from Bangladesh Bank which found them involved in irregular loans. [21] The Anti-Corruption Commission sued SM Amzad Hossain and six others for embezzling 200 million taka from the South Bangla Agriculture and Commerce Bank Limited. [22] [23] Hossain fled the country after the investigation against him started and cases were filed subsequently. [24] [25] Islami Bank Bangladesh Limited called for the assets of Hossain to be auctioned. [26] Tahmina Afroz, wife of married of Anwar Hossain Khan, sold her shares in the bank on the Dhaka Stock Exchange. [24] Two shareholders, who are directors of Ratanpur Steel Re-Rolling Mills Limited, also sold their shares in the bank. [24] [27]

In August 2022, The Bangladesh Financial Intelligence Unit asked for the bank account information on Abdul Kadir Molla, chairman of South Bangla Agriculture and Commerce Bank Limited, over allegations that he had taken loans violation banking laws. [28] The South Bangla Agriculture and Commerce Bank Limited celebrated the 76th birthday of Prime Minister Sheikh Hasina. [29] In November, the bank donated blankets to the relief fund of Prime Minister Sheikh Hasina. [30]

The bank has authorized capital of BDT 10 billion, while its paid-up capital is BDT 8.16 billion up to June 2022. [1] Mr. Abu Zafar Mohammod Shofiuddin was elected chairman of South Bangla Agriculture and Commerce Bank Limited in August 2023.

The Bank donated 10 million BDT to Ashrayan Project–2 of Prime Minister Sheikh Hasina. [31]

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References

  1. 1 2 "SBAC Bank – Knowing SBAC Bank". sbacbank.com. Retrieved 2019-04-07.
  2. ↑ "South Bangla Agriculture and Commerce Bank Limited | Bangladesh Institute of Bank Management". bibm.org.bd. Retrieved 2019-04-07.
  3. ↑ "72nd branch of SBAC Bank opened in Cumilla". Daily Sun. Retrieved 2019-04-07.
  4. 1 2 3 "SBAC Bank – Board of Directors". sbacbank.com. Retrieved 2019-04-07.
  5. ↑ "Stocks fall as investors go slow". The Daily Star. 2021-08-27. Retrieved 2023-02-12.
  6. ↑ "A rabbit hole of bank scams going unpunished". The Business Standard. 2022-01-22. Retrieved 2023-02-12.
  7. ↑ "5 new banks licensed". bdnews24.com. Retrieved 2019-04-07.
  8. 1 2 "About Us - SBAC Bank Limited". www.sbacbank.com. Retrieved 2023-02-12.
  9. ↑ Byron, Rejaul Karim (2012-03-09). "Central bank gives in to political pressure". The Daily Star. Retrieved 2023-02-12.
  10. ↑ "SBAC gets new managing director". The Daily Star. 2013-04-10. Retrieved 2023-02-12.
  11. ↑ "Golam Faruque new MD of SBAC Bank". Daily Sun. Retrieved 2019-04-07.
  12. ↑ "Titas bills payable in 6 local banks". The Daily Star. 2018-08-20. Retrieved 2023-02-12.
  13. ↑ "SBAC Bank reelects chairman". The Daily Star. 2019-02-11. Retrieved 2023-02-12.
  14. ↑ "SBAC Bank's managing director steps down". The Daily Star. 2021-04-27. Retrieved 2023-02-12.
  15. ↑ "SBAC Bank gets new CEO". The Daily Star. 2021-04-29. Retrieved 2023-02-12.
  16. ↑ "SBAC Bank to raise Tk 100cr". The Daily Star. 2021-05-10. Retrieved 2023-02-12.
  17. 1 2 3 4 5 "Chairman of the board of directors of SBAC Bank SM Amzad Hossain". The Financial Express. Dhaka. Retrieved 2019-04-07.
  18. ↑ "SBAC Bank picks new chair as Amzad quits over graft probe". The Daily Star. 2021-09-27. Retrieved 2023-02-12.
  19. ↑ "SBAC chairman & family's bank accounts frozen for 30 days". Dhaka Tribune. 2021-03-14. Retrieved 2023-02-12.
  20. ↑ Staff Correspondent (2021-09-24). "'SBAC Bank chief flexed muscles to get loans'". The Daily Star. Retrieved 2023-02-12.
  21. ↑ "SBAC Bank suspends 11 officials, including 2 DMDs, over alleged irregularities". The Daily Star. 2021-10-07. Retrieved 2023-02-12.
  22. ↑ "SBAC Bank ex-chair, six others sued". The Daily Star. 2021-10-22. Retrieved 2023-02-12.
  23. ↑ "Swindler's list: How a man enlisted his own bank, shell firms to rob money". The Business Standard. 2022-01-28. Retrieved 2023-02-12.
  24. 1 2 3 "Why sponsor-directors are leaving SBAC Bank". The Business Standard. 2022-12-20. Retrieved 2023-02-12.
  25. ↑ "South Bangla chairman sued but only after he leaves country". The Business Standard. 2022-01-17. Retrieved 2023-02-12.
  26. ↑ "Islami Bank calls for auction of Amzad's assets". The Business Standard. 2022-05-31. Retrieved 2023-02-12.
  27. ↑ "Anwara Eye Hospital to sell all SBAC Bank shares". The Business Standard. 2022-12-07. Retrieved 2023-02-12.
  28. ↑ "BFIU seeks loan info about SBAC Bank chair". The Daily Star. 2022-08-21. Retrieved 2023-02-12.
  29. ↑ "SBAC Bank celebrates Sheikh Hasina's birthday". The Daily Star. 2022-10-01. Retrieved 2023-02-12.
  30. ↑ "SBAC Bank donates blankets to PM's relief fund". The Business Standard. 2022-11-12. Retrieved 2023-02-12.
  31. ↑ "SBAC Bank donates Tk1 crore to PM's Ashrayan project". The Business Standard. 2023-01-16. Retrieved 2023-02-12.
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