| NRB Bank | |
| Type: | Private |
| Industry: | Banking |
| Founder: | Iqbal Ahmed (OBE) |
| Area Served: | Bangladesh |
| Key People: | [1] |
| Services: | Banking Financial services |
| Foundation: | 2013 |
| Location: | Dhaka, Bangladesh |
NRB Bank is one of the fourth-generation private banks in Bangladesh. Mohammed Mahtabur Rahman, chairman of Al Haramain Perfumes, is the chairman of the NRB Bank.[2] Mohammed Jamil Iqbal and Tateyama Kabir are vice-chairmen of the NRB Bank.[3] Mehmood Husain is the CEO and managing director of NRB Bank.[4]
Migrants Bangladeshis were demanding such type of bank since 1990s. However, Md. Bayazid Sarker an economist and Central Bank official of Bangladesh first develop a theoretical structure of the bank and officially floated the idea in his research paper titled "Alternative Resource of World Bank for External Financing in Bangladesh: A Foreign Remittance Approach" on 15 December 2007 in Dhaka.[5] Bangladesh Bank called for NRB bank applications in 2011 and finally issued three NRB Bank (Non-resident Bangladeshis Bank) licenses in 2013; the NRB Banks are NRB Commercial Bank Limited, NRB Bank Limited and NRB Global Bank Limited.[6] [7] There is no differences between the operations of a regular bank and a NRB bank.[8]
In 2014, NRB Bank provided a loan to Mohammad Shahed, Chairman of Regent Hospital, without proper collateral.[9] Anti-Corruption Commission filled two cases over the loans in 2020 against Shahed and bank officials.[10]
In May 2015, Bangladesh Bank provided NRB Bank permission to operate agent banking.[11]
Md Mehmood Husain was appointed managing director of NRB Bank on 1 August 2016.[4]
Md Mukhter Hossain, CEO and managing director of NRB Commercial Bank, was appointed an advisor to NRB Bank on 5 May 2021.[12]
In September 2021, a special internal audit of NRB Bank found that the bank engaged in "unethical" investments in the stock marketing causing harm to both the bank, a loss of 1.03 billion taka, and the stock market.[13] [14] Bangladesh Bank finned the bank 4.9 million taka over the investments and market manipulation.[15] [16] [17] Chief financial officer of NBR Bank was terminated.[18] It also announced plans in September 2021 its intention to start an IPO soon.[19] On 27 September 2021, the Anti-Corruption Commission filed charges against M Badiuzzaman, Director of NRB Bank, and his wife for allegedly embezzling 25.3 million taka from the bank.[20]
In November 2021, Bangladesh Securities and Exchange Commission began an investigation into the activities of NRB Bank.[21]