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NRBC Bank

From Wikipedia, the free encyclopedia

NRBC Bank PLC.
Company typePublic Limited
DSE: NRBCBANK
CSE: NRBCBANK
IndustryBanking
Founded2013
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
  • Parvez Tamal (Chairman)
  • Golam Awlia MD and Vice Chairman Rafikul Islam Mia Arzoo
[1]
ServicesBanking
Financial services
Websitewww.nrbcommercialbank.com

NRBC Bank PLC. is a bank in Bangladesh. SM Parvez Tamal is the chairperson of the bank.[2] The bank is listed on the Dhaka and Chittagong stock exchanges.[3] Golam Awalia is the CEO and managing director of the bank.[4]

History

[edit]

NRBC Bank PLC. was established on 2 April 2013.[5] It was launched at Sonargaon Hotel and at the time was the first NRB bank of Bangladesh.[6]

In April 2016, Farasath Ali was re-elected chairman of the bank and Toufique Rahman Chowdhury, founder of Metropolitan University, Sylhet, was reelected vice chairman of the bank.[7]

In October 2017, the Parliamentary Standing Committee on the finance ministry expressed deep concerns over the activities of NRB Commercial Bank Limited and The Farmers Bank Limited and called for protecting them from bankruptcy.[8][9] An investigation by Bangladesh Bank had found massive irregularities against the two banks.[8] Chairman of NRB Commercial Bank Limited, Farasath Ali, did not attend the meeting of the Parliamentary Standing Committee on the finance ministry.[8] Bangladesh Bank found officials of NRB Commercial Bank Limited guilty of forging the signatures of the bank directors and issuing 7 billion taka of loans violating banking rules.[8] The bank violated policy when it gave loans to Shahidul Ahsan, former chairman of Mercantile Bank.[8] Following the Bangladesh Bank report NRB Commercial Bank Limited removed Farasath Ali as chairman of the bank and replaced him with Tamal SM Parvez in December 2021.[10] The bank also sent its managing director and Chief Executive Office, Dewan Mujibur Rahman, on leave and did not fire him after he secured a court verdict in his favor.[10][11][12] Four other officials were removed from the bank.[10] Bangladesh Bank would issue a two-year ban against Farasath Ali for irregularities.[13][14]

In 2018, NRB Commercial Bank Limited was one of the worst performing banks in Bangladesh with high rates of loan defaulting.[15] The same year Khondoker Rashed Maqsood was appointed CEO and managing director of the bank.[16] Under him the bank tried to improve their reputation and make a break from the fiscal scandals.[17]

In 2019 the bank had 71.85 billion taka in deposits and 62.01 billion in loans.[5]

In 2020, Md Mukhter Hossain was appointed CEO and managing director of the bank.[18] A major shareholder of the bank, Mohammad Shahid Islam, was sentenced to jail for human trafficking and money laundering in Kuwait.[19]

NRBC Bank PLC. announced plans to go for initial public offering in February 2021.[20] Asia Frontier Capital Limited and Asian Tiger Capital Partners were the IPO managers of the bank.[5] NRBC Bank PLC. would be the first bank in 12 years to go for IPO in Bangladesh.[5]

Golam Awalia was appointed the CEO and managing director of the bank in May 2021.[21][22] In September 2021, Bangladesh Bank fined NRB Commercial Bank Limited for investing more than the allowed limit in the stock market.[23] It imposed another fine worth around half a million taka against NRB Bank for the same reason.[24] In October 2021, NRB Commercial Bank Limited stocks lost significant value index of Dhaka Stock Exchange.[25]

NRBC Bank PLC. announced plans to issue 5 billion taka worth of subordinated bonds.[26]

References

[edit]
  1. ^ "NRB Commercial Bank Limited". nrbcommercialbank.com. Retrieved 23 June 2022.
  2. ^ "NRBC Bank steps into 10th year of operations". The Daily Star. 5 April 2022. Retrieved 24 June 2022.
  3. ^ "NRBC EPS doubles in 2nd quarter". The Daily Star. 29 July 2021. Retrieved 24 June 2022.
  4. ^ "UCB Investment announces closure of Fair Electronics Preference Share worth Tk2,000M". The Business Standard. 23 June 2022. Retrieved 24 June 2022.
  5. ^ a b c d "NRBC: First bank in 12 years to go for IPO". The Daily Star. 19 November 2020. Retrieved 24 June 2022.
  6. ^ "First NRB bank starts journey". The Daily Star. 3 April 2013. Retrieved 24 June 2022.
  7. ^ "NRBC Bank re-elects chairman, vice chairman". The Daily Star. 25 April 2016. Retrieved 24 June 2022.
  8. ^ a b c d e "Graft leaves 2 pvt banks in dire straits". The Daily Star. 30 October 2017. Retrieved 24 June 2022.
  9. ^ "'Probe further, ensure penalty for NRBC, Farmers banks grafts'". The Daily Star. 29 October 2017. Retrieved 24 June 2022.
  10. ^ a b c Harmachi, Abdur Rahim. "NRB Commercial Bank ousts chairman Farasath Ali, forces MD Mujibur to go on leave". bdnews24.com. Retrieved 24 June 2022.
  11. ^ "BB grills NRBC Bank CEO over loan scandal". The Daily Star. 25 October 2017. Retrieved 24 June 2022.
  12. ^ "Court stays removal of NRBC Bank's MD". The Daily Star. 8 December 2017. Retrieved 24 June 2022.
  13. ^ "Bangladesh Bank bans ex-NRBC chair Farasath for 2yrs". New Age. Retrieved 24 June 2022.
  14. ^ "BB upholds ban on ex-NRBC Bank chairman Farasath Ali". The Business Standard. 26 January 2021. Retrieved 24 June 2022.
  15. ^ Uddin, AKM Zamir (25 June 2018). "Default loans pile up in new banks". The Daily Star. Retrieved 24 June 2022.
  16. ^ "NRBC Bank gets new CEO". The Daily Star. 5 April 2018. Retrieved 24 June 2022.
  17. ^ Alo, Jebun Nesa (24 March 2019). "NRBC restoring confidence". The Daily Star. Retrieved 24 June 2022.
  18. ^ "New MD for NRBC Bank". The Daily Star. 14 January 2020. Retrieved 24 June 2022.
  19. ^ "Kuwait's top court upholds 7-year sentence of ex-Bangladesh MP Shahid". bdnews24.com. Retrieved 24 June 2022.
  20. ^ "NRB Commercial Bank's IPO subscription begins Feb 3". The Daily Star. 27 January 2021. Retrieved 24 June 2022.
  21. ^ "NRBC Bank gets new managing director". Dhaka Tribune. 4 May 2021. Retrieved 24 June 2022.
  22. ^ "Awlia becomes NRBC Bank MD, CEO". New Age. Retrieved 24 June 2022.
  23. ^ Uddin, AKM Zamir (6 September 2021). "NRB Commercial Bank fined for breaching stock investment ceiling". The Daily Star. Retrieved 24 June 2022.
  24. ^ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 24 June 2022.
  25. ^ "Stocks bleed for 7th day". The Daily Star. 20 October 2021. Retrieved 24 June 2022.
  26. ^ "NRBC Bank to issue Tk500cr subordinated bond". The Business Standard. 25 May 2022. Retrieved 24 June 2022.
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