NRB Bank

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NRB Bank
Company typePrivate
IndustryBanking
Founded2013
FounderIqbal Ahmed (OBE)
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
[1]
ServicesBanking
Financial services
Websitewww.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[edit]

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]

References[edit]

  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. ^ a b "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. ^ a b 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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