Sonali Bank

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Sonali Bank Limited
Public Limited Company
IndustryBanking
Financial services
Founded1972; 48 years ago (1972)
Headquarters,
Bangladesh
Area served
Bangladesh & Overseas
Key people
Ziaul Hasan Siddiqui (Chairman)[1]
Md. Ataur Rahman Prodhan (CEO and Managing Director)[2]
ProductsFinance and insurance
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
RevenueDecrease 45.61 billion (US$540 million) (2018)
Decrease 2.32 billion (US$27 million) (2018)
Total assetsIncrease 1307.75 billion (US$15 billion)[3] (December 2018)
Number of employees
21,839[4]
Websitesonalibank.com.bd
Footnotes / references
[5]

Sonali Bank Limited (Bengali: সোনালী ব্যাংক লিমিটেড) is the principle state-owned leading public commercial bank in Bangladesh.[6] It is the largest bank of the country.[7][8]

History[edit]

Sonali Bank was established in 1972 under the Bangladesh Banks (Nationalisation) Order, through the amalgamation and nationalisation of the branches of National Bank of Pakistan, Bank of Bahawalpur and Premier Bank branches located in East Pakistan until the 1971 Bangladesh Liberation War.[9] When it was established, Sonali Bank had a paid up capital of 30 million taka. In 2001, its authorised and paid up capital were Tk 10 billion and Tk 3.272 billion respectively. Presently, its authorised and paid up capital is Tk 10 billion and Tk 9 billion respectively[citation needed]. The bank's reserve funds were Tk 60 million in 1979 and Tk 2.050 billion on 30 June 2000. In 2013, $250,000 was stolen from the bank by Cyber criminals using the Swift International payments network.[10] In 2016 the Bank signed an Memorandum of Understanding with PayPal.[11]

Branches[edit]

Sonali Bank has a total of 1225 branches. The most recent branch that opened services is in Damla, Sreenagar, Munshiganj. Out of them, 467 are located in urban areas, 746 in rural areas, and 2 are located overseas (India).[12] It also operates the Sonali Exchange Company Inc. in USA, Sonali Exchange in Dubai (UAE), Sonali Bank (UK) Ltd., United Kingdom, Hong Kong, (HAR), and Singapore to facilitate foreign exchange remittances. Sonali Bank UK remits up to 25 destinations across Bangladesh directly, these include Dhaka, Chittagong, Sylhet, Moulvibazar, Beanibazar, Balaganj, Biswanath, Jagannathpur, Sunamganj, Gopalganj, Nabigonj, Hobigonj, Kulaura, Tajpur.

Overseas[edit]

US[edit]

There are currently four in the US in Washington DC, New York, Chicago and Los Angeles.

UK[edit]

There are four branches in the UK, one located in Osborn Street, in London, another in Small Heath; Birmingham and in Manchester.

India[edit]

There are two branches in India, one in Kolkata & others in Siliguri of West Bengal state of India.[13]

Islamic banking[edit]

In 2010, Islamic banking was launched in 5 branches of different districts of the country through Sonali Bank. In 2009, again Islami banking was launched in six other branches of Sonali Bank in different districts across the country.[14]

References[edit]

  1. ^ "Sonali Bank, Janata Bank get new chairmen". Dhaka Tribune. 21 August 2019. Retrieved 16 September 2019.
  2. ^ http://www.sonalibank.com.bd/index.php#
  3. ^ "Auditors' Report and Financial Statements as at and for the year ended 31 December 2018" (PDF). Sonali Bank Limited. 31 December 2018. Retrieved 12 April 2020.
  4. ^ http://www.sonalibank.com.bd/profile.php
  5. ^ "Sonali Bank Limited Balance Sheet". Sonali Bank Ltd.
  6. ^ "Overview of the Bank". Sonali Bank Limited. 2005. Archived from the original on 3 July 2007. Retrieved 14 July 2007. Sonali Bank Limited, the largest & leading commercial bank of the country ...
  7. ^ "Corporatisation not a panacea for NCBs' problems". The Financial Express. 19 June 2007. Retrieved 14 July 2007. For example, Sonali Bank Limited, the largest bank in the country ...
  8. ^ "Bangladeshi bank allowed back in Britain". BBC. 29 November 2001. Retrieved 14 July 2007. Bangladesh's largest commercial bank, the Sonali Bank ...
  9. ^ "Sonali Bank Limited - Banglapedia". en.banglapedia.org. Retrieved 28 July 2016.
  10. ^ "Bangladesh probes 2013 Sonali Bank hack for links to central bank heist". bdnews24.com. Retrieved 28 July 2016.
  11. ^ Nesa Alo, Jebun. "Sonali Bank signs MoU with PayPal". www.dhakatribune.com. Dhaka Tribune. Retrieved 28 July 2016.
  12. ^ http://www.sonalibank.com.bd/overview.php
  13. ^ "Overseas Branches". Sonali Bank.
  14. ^ "Islamic banking - Sonali Bank". www.sonalibank.com.bd. Retrieved 17 March 2019.

External links[edit]