Bangladesh Development Bank Explained

Bangladesh Development Bank PLC.
Type:State-owned bank, Public Limited Company
Parent:Government of Bangladesh (100%)
Num Locations:50
Industry:Development Bank
Bank
Capital Markets and allied industries
Products:Retail banking, private banking, corporate banking, deposits, mortgage loan, savings scheme, Sanchay Scheme, trade and retail forex
Num Employees:About 745
Foundation:Dhaka, 16 November 2009
Subsid:BDBL Securities Limited (BSL)
BDBL Investment Services Limited (BISL)

Bangladesh Development Bank PLC. is a state-owned commercial bank in Bangladesh. The bank has one of the highest loan default rates in Bangladesh.[1] [2]

History

Bangladesh Development Bank PLC. was established on 16 November 2009 as a Public Limited Company by merging the state-owned Bangladesh Shilpa Bank with the Bangladesh Shilpa Rin Sangstha; both were established on 31 October 1972.[3] [4] Bangladesh Development Bank started in 2010 with 534 court cases concerning 21 billion taka and 24.6 billion taka in written off liabilities.[5]

Santi Narayan Ghosh was appointed chairperson of the Bangladesh Development Bank in September 2012.[6]

In 2016, former managing director of Karmasangsthan Bank, Mushtaque Ahmed, and former deputy managing director of Rupali Bank Limited, Md Abu Hanif Khan, were appointed directors of Bangladesh Development Bank.[7]

The bank has had issues with loan defaulting, as of 2018, the total defaulted loans at the bank stood at 23.32 billion taka.[8] On 11 June 2019, the Anti-Corruption Commission sued for officials of the bank for allegedly embezzling 250 million taka from the bank.[9] The commission arrested the former general manager of the bank, Syed Nurur Rahman Kadri, from Dhaka in November 2019.[10] Other officials accused by commission were Dewan Mohammad Ishak, Assistant General Manager, and Dinesh Chandra Saha, principal officer, in the embezzlement case by Dhaka Trading and its owner Tipu Sultan .[11]

On 27 November 2022, Md. Habibur Rahman Gazi was appointed managing director of Bangladesh Development Bank.[12] On 26 February 2019, Mohammad Mejbahuddin was appointed chairperson of the bank.[13] The headquarters of the bank caught fire in October 2020.[14] AHM Mustafa Kamal, Minister of Finance, considered merging Bangladesh Development Bank and BASIC Bank in 2021.[15] In November 2021, Shamima Nargis was appointed chairperson of the bank.[16]

In 2022, Bangladesh Development Bank signed an agreement with Bank Asia to work with Western Union for remittance.[17] It is part of a consortium of six banks financing the Bashundhara Gold Refinery of Bashundhara Group.[18] [19]

Board of directors

!Name!Designation!Reference
Shamima NargisChairperson[20]
Md. Ekhlasur RahmanDirector
Md. Abu Hanif KhanDirector
Subhash Chandra SarkerDirector
Quazi Shairul HassanDirector
Md. Azizur RahmanDirector
K. M. Tariqul IslamDirector
Md. Habibur Rahman GaziCEO and Managing Director

See also

Notes and References

  1. News: Uddin . AKM Zamir . 2022-08-14 . Dozen banks hold about 60pc default loans . 2022-10-20 . The Daily Star . en.
  2. News: Defaulted loans in 16 banks above 10pc . 2022-10-20 . New Age . en.
  3. Web site: BDBL Objectives. www.bdbl.com.bd. 2019-08-03. https://web.archive.org/web/20140907142513/http://bdbl.com.bd/AboutUs_formation_BDBL.php. 2014-09-07. dead.
  4. News: Bangladesh Development Bank starts journey Jan 3. 2009-12-08. The Daily Star. en. 2019-08-03.
  5. News: Development Bank takes off. 2010-01-04. The Daily Star. en. 2019-08-03.
  6. News: 2012-09-07 . Bangladesh Development Bank gets new chairman . 2022-10-20 . The Daily Star . en.
  7. News: 2016-01-24 . BDBL appoints new directors . 2022-10-20 . The Daily Star . en.
  8. News: A loan defaulting epidemic: Over two lakh privileged institutions!. 2018-09-18. The Daily Star. Opinion. en. 2019-08-03.
  9. News: 4 BDBL officials sued for embezzling Tk 25cr. 2019-06-11. The Daily Star. en. 2019-08-03.
  10. News: 2019-11-18 . Bangladesh Development Bank: ACC arrests former GM over Tk 174cr graft . 2022-10-20 . The Daily Star . en.
  11. News: 2020-09-09 . Tk 22.5cr loan taken out thru fake contract . en . The Daily Star . 2022-10-20.
  12. News: 2022-11-28 . Bangladesh Development Bank gets new CEO . 2022-10-20 . The Daily Star . en.
  13. News: 2019-02-26 . New chairman for BDBL . 2022-10-20 . The Daily Star . en.
  14. News: Fire erupts at BDBL building in Dhaka's Karwan Bazar . 2022-10-20 . bdnews24.com . en.
  15. News: 2021-06-11 . BASIC Bank, BDBL merger on cards . en . The Daily Star . 2022-10-20.
  16. News: 2021-11-15 . Shamima Nargis new BDBL chairman . 2022-10-20 . The Daily Star . en.
  17. News: 2022-09-02 . Bangladesh Development Bank, Bank Asia sign deal . 2022-10-20 . The Daily Star . en.
  18. News: 6 banks move to finance Bashundhara Gold Refinery . 2022-10-20 . New Age . en.
  19. News: Uddin . AKM Zamir . 2022-02-11 . BB asks state banks to rope in more private lenders . 2022-10-20 . The Daily Star . en.
  20. Web site: Bangladesh Development Bank Limited (BDBL) . 2022-10-20 . www.bdbl.com.bd . en.