Eastern Bank (Bangladesh) Explained

Eastern Bank PLC.
Type:Private (Non-Government)
Traded As:
Location:Dhaka, Bangladesh
Key People:Md. Showkat Ali Chowdhury (Chairman)
Ali Reza Ifekhar (Managing Director & CEO)
Industry:Banking
Products:Banking services
Operating Income:US$180 million (2019)
Net Income:US$95 million (2019)
Assets:US$4 billion (2019)
Num Employees:3000+
Rating:Long-term foreign currency deposit rating of B1 (Moody's)

Eastern Bank PLC. (Bengali: ইস্টার্ন ব্যাংক পিএলসি) is a private commercial bank headquartered in Dhaka, Bangladesh.[1] [2] [3] It was established on August 8, 1992, as a public limited company with limited liability under the Bank Companies Act of 1991. Its share are listed in the Dhaka Stock Exchange and the Chittagong Stock Exchange. The bank provides products and services in retail banking, corporate finance, asset management, equity brokerage and security. It has 85 branches and 214 ATMs in Bangladesh and employs around 3000 employees.[4]

Eastern Bank PLC. is going to open its first overseas full-fledged branch in Calcutta, India.[5] This branch in India will be its first foreign branch outside of Bangladesh. Presently, EBL has a subsidiary in Hong Kong named EBL Finance (HK) Limited and a representative office in Myanmar. EBL opened its third representative office on the Chinese mainland in Guangzhou on September 29, 2019.[6]

History

Eastern Bank PLC. began operations on August 16, 1992.[7] Prior to 1992, EBL operated as Bank of Credit and Commerce International (BCCI), which transformed into Eastern Bank PLC..[8]

In February 2017, Eastern Bank PLC. announced compensations for clients whose card information was stolen from the bank's ATM after Bangladesh Bank ordered it compensate the clients.[9] City Bank and United Commercial Bank were also targeted in the hacks.[10]

A security guard at an ATM of Eastern Bank PLC. in Dhaka Cantonment was killed on duty in May 2018.[11]

A. M. Shaukat Ali, Director of Eastern Bank and chairman of Chairman of Engineering Consultants and Associates Limited, died in August 2020.[12] Eastern Bank increased its invest in government securities by 63 per cent.[13]

In January 2022, Eastern Bank announced plans to issue five billion BDT worth of bonds.[14] Ali Reza Iftekhar was reappointed managing director of Eastern Bank in June.[15] Bangladesh Bank fined Eastern Bank PLC. 500 thousand BDT for violating single borrower exposure limit with its loans to EBL Securities Limited and EBL Finance (Hong Kong) Limited.[16] Eastern Bank PLC. announced plans to raise 1.2 billion BDT for Thengamara Mohila Sabuj Sangha.[17] It received a Sustainability Rating award for the year 2021 from Bangladesh Bank.[18] It helped arrange a 1.2 billion syndicated loan for Banglalink.[19]

In January 2023, Eastern Bank's branch in Halishahar, Chittagong caught fire which was bought under control by the Bangladesh Fire Service and Civil Defense.[20]

Subsidiaries

Board of directors

Shareholding pattern

As of September 30, 2019:[23]

PartyPercentage
Institute44.20%
Sponsor/Director31.60%
Public23.80%
Foreign00.40%
Government00.00%

See also

External links

Notes and References

  1. News: Bangladesh Bank to probe 'freak transactions' in Eastern Bank Ltd . bdnews24.com . 2016-05-09.
  2. News: Laila Sharmeen to exhibit at World Art Games . 2016-04-29 . The Daily Star . 2016-05-09.
  3. News: Star Melodies' tribute to Khandaker Nurul Alam and Robin Ghosh . 2016-04-28 . The Daily Star . 2016-05-09.
  4. Web site: EBL Annual Report 2018 . Eastern Bank PLC.. https://web.archive.org/web/20190627192410/https://www.ebl.com.bd/annual_report/EBL_Annual_Report_2018.pdf . 2019-06-27 . 2019-06-28.
  5. News: Bangladeshi Eastern Bank to open branch in Kolkata . bdnews24.com . 2019-06-27.
  6. News: Bangladesh's Eastern Bank opens first office on Chinese mainland . https://web.archive.org/web/20191008040639/http://www.xinhuanet.com/english/asiapacific/2019-10/01/c_138440234.htm . dead . 8 October 2019 . Xinhua News Agency . 2019-11-14.
  7. Web site: Eastern Bank Limited . Banglapedia . 2016-05-09.
  8. Web site: 2017-08-17 . EBL aims to become Southeast Asia's regional bank . 2023-03-30 . The Daily Star . en.
  9. Web site: 2016-02-17 . EBL to compensate ATM fraud victims . 2023-03-30 . The Daily Star . en.
  10. Web site: 2016-02-19 . Eastern Bank pays back ATM fraud victims . 2023-03-30 . The Daily Star . en.
  11. Web site: Report . Star Online . 2018-05-21 . ATM booth guard found dead at Dhaka cantonment . 2023-03-30 . The Daily Star . en.
  12. Web site: Report . Star Online . 2020-08-03 . Eastern Bank Director Shaukat Ali passes away . 2023-03-30 . The Daily Star . en.
  13. Web site: 2020-11-23 . Eastern Bank's investment jumps 63% in govt securities . 2023-03-30 . The Business Standard . en.
  14. Web site: 2022-01-26 . Eastern Bank to issue Tk 500 crore subordinated bond . 2023-03-30 . The Daily Star . en.
  15. Web site: 2022-06-06 . Iftekhar reappointed MD of Eastern Bank . 2023-03-30 . The Daily Star . en.
  16. Web site: 2022-04-06 . EBL fined for breaching banking rules . 2023-03-30 . The Daily Star . en.
  17. Web site: 2022-09-28 . EBL raises Tk 122.4cr for TMSS . 2023-03-30 . The Daily Star . en.
  18. Web site: 2022-07-04 . Eastern Bank wins BB's Sustainability Rating Award . 2023-03-30 . The Business Standard . en.
  19. Web site: 2022-04-26 . Banglalink secures 1,200C syndicated term loan . 2023-03-30 . www.dhakatribune.com . en.
  20. Web site: 2023-01-06 . Fire in Chattogram's Eastern Bank under control . 2023-03-30 . The Daily Star . en.
  21. Web site: 2019-09-29 . EBL expands wings to China . 2023-03-30 . The Daily Star . en.
  22. Web site: Eastern Bank Ltd. Board of Directors . 2023-03-30 . www.ebl.com.bd.
  23. Web site: Lankabangla Financial Portal- Live stock data of Dhaka Stock Exchange (DSE), financial statements, research, chart and level 2 data . lankabd.com . 2019-11-15.

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