Bangladesh Commerce Bank Limited is a private sector commercial bank in
Bangladesh
Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...
.
History
The bank can trace its origins to the former
Bangladesh Commerce and Investment Limited, set up on 27 January 1986.
It was a
non-bank financial institution. In April 1992 its activities were suspended by
Bangladesh Bank due to a
liquidity crises.
To protect the banking sector, the employees, and customers of the firm, it was changed into a bank by Bangladesh Bank.
Bangladesh Commerce Bank Limited was incorporated on 1 June 1998.
is an investor in the bank.
In August 2004, Bangladesh Bank placed in a watchlist of "problem banks". The bank donated to Prime Minister Khaleda Zia's relief fund. Md Enayet Ullah was appointed managing director of the bank.
A branch of the
bank in Ashulia, Bangladesh was robbed on 21 April 2015. Nine people including the bank manager were killed.
One of the robber was killed and 2 were captured out of an estimated 8-9 robbers. The attack was blamed on Islamic militants. 6 members
Jama’atul Mujahideen Bangladesh (JMB) and
Ansarullah Bangla Team
The Ansarullah Bangla Team (ABT), also called Ansar Bangla is a terrorist organization in Bangladesh, implicated in crimes including some brutal attacks and murders of atheist bloggers from 2013 to 2015 and a bank heist in April 2015. The gang was ...
were sentenced to death in the case and others were imprisoned.
In 2018, Bangladesh Commerce Bank Limited had 31.6 per cent bad loans.
In 2021, Bangladesh Commerce Bank Limited had found it difficult to recover 5.02 billion taka it had deposited with six non bank financial institutions.
The institutions were
Bangladesh Industrial Finance Company Limited
Bangladesh Industrial Finance Company Limited is a major non-bank financial institution in Bangladesh.
In 2021 the company got into financial troubles due to embezzlement by its former chairman Abdul Mannan. The company had given large loans ...
,
FAS Finance and Investment Limited,
First Finance Limited,
International Leasing and Financial Services Limited,
Peoples Leasing and Financial Services Limited, and
Premier Leasing and Finance Limited.
Some of the institutions funds were embezzled by
Prashanta Kumar Halder.
On 28 June 2022, Bangladesh Bank allowed Bangladesh Commerce Bank Limited to reschedule a 1.99 billion taka defaulted loan to SB Exim, which is owned by Shahjahan Bablu who faces allegations of money laundering through fake invoicing exports from the
Bangladesh Financial Intelligence Unit
The Bangladesh Financial Intelligence Unit is a government agency of Bangladesh responsible for investigating money laundering, suspicious transactions, and cash transaction reports. The unit works under Bangladesh bank. Md Masud Biswas is the ch ...
. The bank overspent corporate social responsibility fund on disaster management. In July the bank launched sharia based banking services. Bangladesh Commerce Bank Limited filed a check dishonour case against Marrin Vegetable Oils Limited, a subsidiary of Nurjahan Group.
The chairman of the group, Tipu Sultan and managing director, Jahir Ahmed, were sentenced to one year in jail in the case.
Rashid Ahmed Chowdhury was re-elected chairman of the board in October 2022.
Board of directors
References
Banks established in 1999
Banks of Bangladesh
Companies listed on the Dhaka Stock Exchange
1999 establishments in Bangladesh
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