City Bank (Bangladesh) Explained

City Bank PLC
Native Name:সিটি ব্যাংক পিএলসি
Native Name Lang:bn
Former Name:The City Bank Limited
Industry:Banking, financial services
Area Served:Bangladesh
Key People:Aziz Al Kaiser (Chairman) Mashrur Arefin (CEO)[1]
Products:Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance
Revenue: 24.58 billions
Revenue Year:2022
Operating Income: 11.82 billions
Income Year:2022
Net Income: 45.07 billions
Net Income Year:2022
Assets: 506.84 billions
Type:Public Limited Company
Founder:Monowar Ali, Ibrahim Mia (Late), Abdul Hadi (Late), M.A. Hashem (Late), Anwar Hossain, Abdul Barik Choudhury (Late), Deen Mohammad, A.B.M. Feroz, Md. Ali Hossain, Azizul Haque Chowdhury, N.A. Chowdhury (Late)
Hq Location:City Bank Center, 28, Gulshan Avenue, Gulshan 1, 1212
Hq Location City:Dhaka
Hq Location Country:Bangladesh
Num Locations:133 (2022)
Assets Year:2022
Equity Year:2020
Num Employees:4,866
Num Employees Year:2022

City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka.[2] 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 133 branches.[3] 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.[4]

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.[5] 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.[6]

History

It is a first-generation private commercial bank and it is one of the oldest commercial banks in the country. Then known as "City Bank PLC", 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.[7] [8] [9] Deen Mohammad, chairman of Phoenix Group, was the founder of City Bank.[10]

City Bank PLC opened its first branch in the B. B. Avenue Branch in Dhaka. In 1986, City Bank PLC was listed on the Dhaka Stock Exchange and in 1995 it was listed on Chittagong Stock Exchange.[11] [12]

On its 25th anniversary in 2008, City Bank PLC revamped its image and services. This includes the launch of a new logo, launched American Express.[13] credit cards, brokerage business, and City Wallet (SMS Banking) service. The name of the bank was simplified to "City Bank PLC" from its earlier "The City Bank Limited". The new logo, depicting a red and white checkered box kite, was launched in July 2008.[14] [15]

Sohail RK Hussain was appointed managing director of City Bank in November 2013.[16]

The International Finance Corporation purchased a five percent stake in City Bank for 1.31 billion BDT in February 2016.[17] In December 2017, City Bank raised US$26 million for Doreen Power, a subsidiary of Doreen Group, to construct a powerplant in Munshiganj District.[18]

City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020.[19]

In July 2021, CDC Group provided a US$30 million loan to City Bank.[20]

Since the new offshore banking law was passed in March 2024, City Bank has managed to build offshore deposits of nearly US$21 million within two months. It is the first bank in Bangladesh to receive foreign currency deposits through its Offshore Banking products.[21]

Board of directors

!Name!Position!Reference
Aziz Al KaiserChairman[22]
Hossain KhaledVice-chairman
Rubel AzizDirector
Hossain MehmoodDirector
Rajibul Huq ChowdhuryDirector
Syeda Shaireen AzizDirector
Savera H MahmoodDirector
Salim MahmudIndependent director
Rebecca BronsonIFC Nominated Director
Matiul Islam NowshadIndependent director
Mashrur ArefinCEO and managing director

Awards

The following awards were received by the bank:

2023

ITFC Trade Finance Deal of the Year Award 2023 https://www.tbsnews.net/economy/corporates/city-bank-wins-itfc-award-first-bank-bangladesh-710598https://thefinancialexpress.com.bd/trade/city-bank-becomes-first-bank-in-bangladesh-to-win-itfc-award

2022

2021

2020

2019

2018

Notes and References

  1. Web site: Management Committee . City Bank PLC. . 11 November 2020.
  2. Web site: 2023-08-08 . City Bank to invest nearly Tk14cr to set up digital bank . 2024-06-13 . The Business Standard . en.
  3. Web site: Who We are . City Bank PLC . 22 December 2020.
  4. Web site: City Bank and American Express celebrates 10 years in Bangladesh . City Bank PLC. . 19 November 2020.
  5. Web site: Management Committee . City Bank PLC. . 19 November 2020.
  6. News: BB allows City Bank to sell 5pc shares to International Finance Corporation . New Age . 22 December 2020.
  7. Web site: City Bank PLC . Bangladesh Institute of Bank Management . 22 December 2020.
  8. Web site: City Bank PLC.:: making sense of money . City Bank PLC . 30 September 2015.
  9. Web site: City Bank PLC, The . . 2016-05-08.
  10. News: Akanda Muhammad Jahid . 2021-04-28 . City Bank founder Deen Mohammad passes away . 2023-03-26 . The Daily Star . en.
  11. News: BSEC approves City Bank's Tk300 crore bond . Dhaka Tribune . 22 December 2020.
  12. Web site: City Bank PLC. . Chittagong Stock Exchange . 22 December 2020.
  13. Web site: American Express . Bangladesh Bank . 9 August 2023.
  14. Web site: City Bank PLC. . City Bank PLC.. 30 September 2015.
  15. News: 2009-11-07 . City Bank, American Express team up over credit cards . 2023-03-26 . The Daily Star . en.
  16. News: 2013-11-03 . New MD for City Bank . 2023-03-26 . The Daily Star . en.
  17. News: 2016-02-25 . IFC buys 5pc of City Bank . 2023-03-26 . The Daily Star . en.
  18. News: 2017-12-26 . City Bank raises $26m for Doreen Power . 2023-03-26 . The Daily Star . en.
  19. News: Hasan . Mahmudul . 2020-08-28 . City Bank becomes the third local lender to issue China's UnionPay card . 2023-03-26 . The Daily Star . en.
  20. News: 2021-07-15 . City Bank secures $30m foreign fund . 2023-03-26 . The Daily Star . en.
  21. Web site: 2024-05-21 . City Bank's offshore unit bags $21m foreign deposits in two months . 2024-06-13 . The Business Standard . en.
  22. Web site: Board of Directors . 2023-03-26 . www.citybankplc.com.
  23. Best Bank in Bangladesh 2023'. Global Finance Best Bank Awards 2023. 12 May 2023. 12 July 2023.
  24. News: Best Bank awards 2023 Bangladesh'. Asiamoney Best Bank Awards. 27 June 2023. 12 July 2023.
  25. News: SDG Brand Champions Award'. SDG Brand Champion Award 2023. 26 May 2023. 12 July 2023.
  26. News: 49 innovations receive Bangladesh Innovation Award 2023'. Bangladesh Innovation Award 2023. 12 July 2023. 12 July 2023.
  27. News: Best Bank in Bangladesh 2021'. FinanceAsia Country Awards. 12 March 2022. 11 July 2023.
  28. News: World's Best Banks 2022'. Global Finance Best Bank Awards 2022. 12 October 2022. 11 July 2023.
  29. News: Sustainable Finance Awards 2022'. Global Finance Best Bank Awards 2022. 1 August 2022. 11 July 2023.
  30. News: Best Retail Banking Awards 2022'. Retail Banker Asia Trailblazer Awards 2022. 14 March 2022. 11 July 2023.
  31. News: Best New Islamic Banking Window 2022'. Global Brands Banking & Finance Awards 2022. 14 May 2023.
  32. News: Best Islamic SME Bank in Bangladesh'. The Asset Triple A Islamic Finance Awards 2022. 14 May 2023.
  33. News: Bangladesh's best bank for CSR 2022: City Bank '. Asiamoney Best Bank Awards 2022. 11 July 2023.
  34. News: Trade and Supply Chain Finance Program Awards'. Trade and Supply Chain Finance Program (TSCFP) Awards 2022 by Asian Development Bank (ADB). 11 July 2023.
  35. News: Honorable Mention for Product Innovation of the year'. Global SME Finance Awards 2022. 1 July 2023.
  36. News: Honorable Mention for Product Innovation of the year'. Global SME Finance Awards 2022. 1 July 2023.
  37. News: 65 firms win ICMAB Best Corporate Award'. ICMA Bangladesh awards 2022. 11 July 2023.
  38. News: World's Best Banks 2021: J.P. Morgan Takes Home World's Best Bank'. Global Finance World's Best Banks. 5 October 2021. 5 Oct 2021.
  39. News: FinanceAsia Country Awards 2021'. FinanceAsia Country Awards 2021. 20 July 2021. 20 July 2021.
  40. News: Bangladesh's best digital bank 2021: City Bank PLC.'. Asiamoney Best Bank Awards. 23 March 2021. 23 March 2021.
  41. News: Bangladesh's best consumer digital bank 2021: City Bank PLC.'. Global Finance World’s Best Digital Bank Award. 27 March 2021. 27 March 2021.
  42. News: City Bank wins ADB's Leading Partner Bank Award in Bangladesh for 2nd time'. Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP). 15 October 2021. 21 October 2021.
  43. News: First Ever Bangladesh Retail Awards 2021'. Bangladesh Retail Awards 2021. 23 October 2021. 11 July 2023.
  44. News: City Bank wins ADB's Leading Partner Bank Award for 2nd time'. Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP). 13 October 2021. 31 March 2020.
  45. News: Bangladesh's best bank for CSR 2020: City Bank PLC.'. Asiamoney Best Bank Awards. 30 June 2019. 31 March 2020.
  46. News: City Bank wins Women's Market Champion New Program Award by Financial Alliance for Women'. Financial Alliance for Women. 30 June 2019. 30 June 2019.
  47. News: Bangladesh's best bank for premium services 2019: City Bank PLC' . Asian Money. 7 May 2019 . 11 July 2023.
  48. News: Best Banks In The World 2019: Banking Transformed' . Global Finance. 30 September 2020 . 11 July 2023.
  49. News: City Bank wins 'Syndicated Loan of the Year Bangladesh Award 2019' . Prothom Alo . 23 July 2019 . 11 July 2023.
  50. News: City Bank receives FinanceAsia Best Bank & Best Investment Bank award . Prothom Alo . 12 August 2018 . 22 December 2020.
  51. News: City Bank again named 'Best Consumer Digital Bank in Bangladesh 2018' . The Financial Express . 1 December 2018 . 22 December 2020.
  52. News: City Bank wins Asiamoney 'Best Bank for Premium Services' award again . Prothom Alo . 31 March 2019 . 22 December 2020.

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