Bangladesh Development Bank

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Bangladesh Development Bank Ltd
State owned bank
Industry Development bank
Insurance
Capital Markets and allied industries
Founded Dhaka, 16 November 2009
Key people
Products Loans
Credit Cards,
Savings
Investment vehicles
SBI Life (Insurance) etc.
Total assets $144.3 million[1]
Number of employees
About 800
Website website

Bangladesh Development Bank Ltd is a state owned specialized development bank of Bangladesh. The bank came into effect with the merger of ailing Shilpa Bank and Shilpa Rin Sangstha, which were established in 1972 to provide loans and facilities to industrial units, help set up new industries and expand investment in Bangladesh.[2]

History[edit]

With the decision of the Government, Bangladesh Development Bank Ltd. (BDBL) was incorporated on 16 November 2009 as a Public Company Limited by shares under the Companies Act, 1994 by amalgamation of former Bangladesh Shilpa Bank (BSB) and Bangladesh Shilpa Rin Sangstha (BSRS), two Development Financial Institutions (DFIs) in the public sector.

Bangladesh Shilpa Bank (BSB) was established on October 31, 1972 for accelerating the industrial pace of the country through providing loan and equity to the industrial projects as per Bangladesh Shilpa Bank Order, 1972 (President’s Order No. 129 of 1972). With the same objective, Bangladesh Shilpa Rin Sangstha (BSRS) was also established on October 31, 1972 as per Bangladesh Shilpa Rin Sangstha Order, 1972 (President’s Order No. 128 of 1972).

In order to carry on business of BDBL, Bangladesh Bank issued banking licence on

19-11-2009.

Two Vendors’ Agreements were signed between the Government of the People’s Republic of Bangladesh and the BDBL on 31 December 2009 to acquire and take-over all of their (BSB & BSRS) assets, benefits, rights, powers, authorities, privileges, liabilities, borrowings and obligations and to carry on with the same business.

As a Public Limited Company, BDBL formally embarked its journey on January 3, 2010. It extends financial assistance for setting up industries and provides all kinds of commercial banking services to its customers through its branch network in Bangladesh.

The BDBL also inherited membership of Dhaka Stock Exchange Limited (DSE) and Chittagong Stock Exchange Limited (CSE). In order to contribute to the capital market, it acts as stock dealer and stock broker and operates a brokerage houses, at Motijheel to provide services to the small and medium investors. BDBL also established a fully owned subsidiary company namely BDBL Securities Limited and transferred its one membership with DSE and another membership with CSE. It acts stock dealer and stock broker and operate brokerage House At 12, Karwan Bazar Dhaka to provide Investors. The BDBL is also managing a close-end Mutual Fund with paid up capital of Tk. 5.00 crore.

References[edit]

  1. ^ "New development bank begins operations". bdnews24.com. 3 January 2010. Retrieved 4 January 2010. 
  2. ^ "Development Bank takes off". The Daily Star. Retrieved 4 January 2010. 

External links[edit]