The City Bank

The City Bank Limited is a Bangladeshi private commercial bank headquartered in Dhaka. The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. It has 132 branches. The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh.

The bank is a real-time online bank, having its branches, SME/Agri branches spread across Bangladesh along with a full-fledged Islami Banking branch. The managing director and CEO of the bank is Mashrur Arefin. City Bank has gone international establishing 10 branches and 1 representative office in Malaysia in 2013 and one subsidiary office in Hong Kong in 2019. International Finance Corporation solely has invested BDT 1.31 billion, attaining a 5% share of City Bank.

History

It is a first-generation private commercial bank and it is one of the oldest commercial banks in the country. Then known as "The City Bank Limited", its operations were started on 28 March 1983 by 12 local businessmen of the country. Those directors commenced the journey with only BDT 34 million worth of Capital, which now is a respectable BDT 3.3 billion as capital & reserve. Deen Mohammad, chairman of Phoenix Group, was the founder of City Bank.

The City Bank Limited opened its first branch in B. B. Avenue Branch in Dhaka. In 1986, The City Bank Limited was listed on the Dhaka Stock Exchange and in 1995 it was listed on Chittagong Stock Exchange.

On the 25th anniversary in 2008, The City Bank Limited revamped its image and services. This includes the launch of a new logo, launched American Express credit cards, brokerage business, and City Wallet (SMS Banking) service. The name of the bank was simplified to "City Bank" from its earlier "The City Bank Limited". The new logo, depicting a red and white checkered box kite, was launched in July 2008.

Sohail RK Hussain was appointed managing director of City Bank in November 2013.

The International Finance Corporation purchased a five percent stake in City Bank for 1.31 billion BDT in February 2016. In May, a hacking group based in Turkey claimed to have hacked City Bank, Dutch Bangla Bank Limited, and Trust Bank.

In December 2017, City Bank raised US$26 million for Doreen Power, a subsidiary of Doreen Group, to construct a powerplant in Munshiganj District.

City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020.

In July 2021, CDC Group provided a US$30 million loan to City Bank.

On 26 March 2023, the chairman of City Bank, Aziz Al Kaiser, was sent to jail in a fraud case filed by his wife, Tabassum Kaiser, who filed three cases against her husband in December 2022. He received bail four days later.

Board of directors

Awards

The following awards were received by the bank:
* Best Bank in Bangladesh – 2018 FinanceAsia Country Awards for Achievement
* Best Investment Bank in Bangladesh – 2018 FinanceAsia Country Awards for Achievement
* Best Consumer Digital Bank in Bangladesh 2018 – Global Finance
* Best Bank for Premium Services 2018 by Asiamoney

References

External links

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{{DEFAULTSORT:City Bank
Banks of Bangladesh with Islamic banking services
Banks established in 1983
Banks of Bangladesh
Organisations based in Dhaka
Bangladeshi companies established in 1983
1983 establishments in Bangladesh