Rupali Bank
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Rupali Bank ( bn, রূপালী ব্যাংক) is a state owned 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 ...
. Its headquarters is in 34 Dilkusha, Dhaka. Kazi Sanaul Haque is the chairman of the bank. Mohammad Jahangir is the managing director of the bank.


History

Rupali Bank Limited was constituted with the merger of 3 erstwhile commercial banks i.e. Muslim Commercial Bank Limited, Australasia Bank Limited and
Standard Bank Standard Bank Group Limited is a major South African bank and financial services group. It is Africa's biggest lender by assets. The company's corporate headquarters, Standard Bank Centre, is situated in Simmonds Street, Johannesburg. History ...
which operated in the then
East Pakistan East Pakistan was a Pakistani province established in 1955 by the One Unit Policy, renaming the province as such from East Bengal, which, in modern times, is split between India and Bangladesh. Its land borders were with India and Myanmar, wi ...
on 26 March 1972, under the Bangladesh Banks (Nationalization) Order 1972. Rupali Bank worked as a nationalized commercial bank until 13 December 1986. When the Bank went public but the majority of the shares are still retained by the Government. Rupali Bank Limited emerged as the largest Public Limited Banking Company of the country on 14 December 1986. Rupali Bank automated its foreign exchange services in January 1999. From 1994 to 2003, Hafiz Ibrahim, member of parliament from Bhola served as the director of Rupali Bank Limited. He was re-elected to board in 2003 despite Bangladesh Bank seeking an explanation why a director had served more than 6 years in a row at the bank against its rules. Rupali Bank was of the opinion as a state owned Bank that rule did not apply to them. Bangladesh Bank removed him in 2005. Syed Muhammad Yunus, a tube well businessman, admitted to the Anti Corruption Commission that he embezzled 240 million taka from the bank with the help of Ibrahim. Rupali Bank signed an agreement with Arif Habib Securities Limited to explore the option of starting a joint venture in
Pakistan Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 243 million people, and has the world's second-lar ...
in 2004. The bank's branch in Pakistan became a joint venture with Arif Habib Securities Limited in 2005. It received the Bangladesh Best IT Use Award sponsored by
Dutch-Bangla Bank Limited Dutch-Bangla Bank Limited (DBBL) is a bank in Bangladesh. DBBL is a scheduled joint venture private commercial bank between local Bangladeshi parties by M Sahabuddin Ahmed (Founder & Chairman) and a Dutch company FMO. DBBL was established under t ...
and awarded by Bangladesh Association of Software and Information Services. Altaf Hossain Choudhury, Minister of Commerce had handed over the award to the bank. In June 2008, Bangladesh Bank refused to handle the privatization of Rupali Bank due to the large size of the Bank. A Saudi backed group had expressed interest in taking over the bank in 2006. More than 20 companies had expressed interest in buying Rupali Bank including
Abu Dhabi United Group The Abu Dhabi United Group for Development and Investment (ADUG; ar, مجموعة أبوظبي الاتحاد للتنمية والاستثمار) is a United Arab Emirates (UAE) based private equity company. It is owned by Sheikh Mansour bin Z ...
,
Alliance Bank Malaysia Berhad Alliance Bank Malaysia Berhadand its subsidiary, Alliance Islamic Bank Berhad, are leading financial institutions in Malaysia that offer a comprehensive range of banking and financial solutions to customers of all segments. The banks provide conven ...
,
AmBank AmBank Group comprises AMMB Holdings Berhad (AMBANK 1015) is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance. The Group trades under a ...
,
Habib Bank Limited Habib Bank Limited ( ur, ) abbreviated as HBL, is a Pakistani multinational bank based in Habib Bank Plaza, Karachi, Pakistan. Founded in 1939 by the Habib Family, HBL became Pakistan's first commercial bank. In 1951 it opened its first inte ...
,
ICICI Bank ICICI Bank Limited is an Indian Private bank. It is headquartered at Mumbai. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiari ...
, State Bank of India, Melewar Industrial Group Berhad, and
United Bank Limited United Bank Limited (UBL) () is a Pakistani multinational commercial bank which is a subsidiary of British company Bestway Group. It is based in Karachi, Pakistan. It is one of the largest banks in the Pakistani private sector, with over 1,400 br ...
. The bank established Rupali Investment Limited as a fully owned subsidiary in 2010. In September 2015, a court in Dhaka ordered the bank to 600 thousand taka to a man runover and killed by a staff bus of the bank in 1996. In 2016, Rupali Bank's top loan defaulter was AHZ Agro. 10 branches of the bank made a loss in 2016. Rupali Bank had distributed 137.71 billion taka of which 15.49 billion taka was bad loans, defaulted, and 10.19 billion taka in loans were written. It had a capital shortfall of 1.45 billion taka. In November 2017, Bangladesh Industrial Finance Company could not return 317.3 million taka to Rupali Bank due to fund shortages. it became a shareholder of Padma Bank after the government used Rupali Bank and three other stated owned banks to injects funds into Padma Bank. The recruitment exam of the three state owned banks, Rupali,
Sonali Bank Limited Sonali Bank Limited ( bn, সোনালী ব্যাংক লিমিটেড) is the principal state-owned leading public commercial bank in Bangladesh. It is the largest bank in the country. Ziaul Hasan Siddiqui is the chairman of the ...
, and
Janata Bank Limited Janata Bank Ltd. ( bn, জনতা ব্যাংক লিমিটেড) is a state-owned commercial bank of Bangladesh established in 1972. Its headquarters is situated at Motijheel in Dhaka, the capital city of Bangladesh. It is the seco ...
were stayed by a High Court bench composed of Justices
Moyeenul Islam Chowdhury Moyeenul Islam Chowdhury is a retired judge of the Bangladesh High Court. Early life Chowdhury was born on 9 January 1953 in Sylhet, East Pakistan. completed his law degree, bachelors, and masters in art from the University of Dhaka. Career On ...
and Justice
J. B. M. Hassan J. B. M. Hassan, also written as JBM Hassan, is a judge of the High Court Division of the Supreme Court of Bangladesh, Bangladesh Supreme Court. Early life Hassan was born on 10 January 1968. He completed his bachelor's degree and masters in la ...
in January 2018. In January 2019, Justices Md Nazrul Islam Takukder and K. M. Hafizul Alam of the High Court Division summoned S. M. Atiqur Rahman, general manager, Mohammad Ali, deputy general manager, and Md Abdus Samad Sarkar, principal officer of the bank after their names were exempted from a 150 million taka corruption case. The issued the order on an appeal filed by AHM Bahauddin, managing director of Everest Holding and Technologies Limited, who had been sentenced life imprisonment in the embezzlement case. In August, Md Obayed Ullah Al Masud was made managing director of Rupali Bank from Sonali Bank and Rupali Bank managing director Md. Ataur Rahman Prodhan was made managing director of Sonali Bank. The Bank offered to reschedule a 11.68 billion taka loan to Mother Textile, a subsidiary of Euroasia Mattress, which defaulted in 1993. The Daily Star described the offer as "outrageous". Kazi Sanaul Haque was appointed the chairman of the bank. Rupali Bank gave loans to 11 companies, including Beacon Pharmaceuticals, Bashundhara Paper Mills, Mother Textile, violating rules of the bank. In 2021, Agrani Bank, Rupali, Sonali Bank Limited, and Janata Bank Limited, all state owned banks, paid the highest bonus to their employees despite poor performance and against the recommendation of Bangladesh Bank. Dhaka Stock Exchange disclosed that Rupali Bank had insufficient capital to manage its risks in 2022. It was part of a syndicated 5.2 billion taka loan organized by
Dhaka Bank Limited Dhaka Bank Limited is a private limited commercial bank in Bangladesh. Its headquarters are situated in Dhaka. Currently the bank has 100 branches and 3 SME Service Centers around the country. History The bank was founded in 1995 by Bangladeshi ...
for Chandpur Power Generations Limited of
Doreen Group Doreen Group () is a Bangladeshi diversified conglomerate based in Dhaka. Nur-E-Alam Siddique is chairperson of the group. Parveen Alam Siddique is the senior vice chairperson. Tahzeeb Alam Siddique is the managing director and Tanzeer Alam Sid ...
. On 22 August, Mohammad Jahangir was appointed managing director of the bank. Anti Corruption Commission sued the former managing director of the bank, M Farid Uddin, and nine officials of the bank and HR Spinning Mills Limited for embezzling 1.48 billion taka from the bank. It was made a Critical Information Infrastructure by the government of Bangladesh under the
Digital Security Act The Digital Security Act, 2018 is a digital security law in Bangladesh. This act was passed with the aim of preventing the spread of racism; sectarianism; extremism; terrorist propaganda; and hatred against religious or ethnic minorities through soc ...
restricting access to information of the bank. It is one of banks financing the gold refinery venture of Bashundhara Group.


Board of directors


Subsidies

* Rupali Bank Securities Limited * Rupali Investment Limited


References


External links


Official website
{{Banks in Bangladesh Banks established in 1972 Banks of Bangladesh Banks of Bangladesh with Islamic banking services Organisations based in Motijheel Government-owned banks of Bangladesh Bangladeshi companies established in 1972