Bangladesh Commerce Bank

Bangladesh Commerce Bank Limited
Company typePrivate (Non-Government)
IndustryBanking
FoundedDhaka, Bangladesh
HeadquartersDhaka, Bangladesh
Key people
Dr. Engr. Rashid Ahmed Chowdhury (Chairman)[1]
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Increase
Websitebcblbd.com

Bangladesh Commerce Bank Limited is a private sector commercial bank in Bangladesh.

History

The bank can trace its origins to the former Bangladesh Commerce and Investment Limited, set up on 27 January 1986.[2] It was a non-bank financial institution. In April 1992, its activities were suspended by Bangladesh Bank due to a liquidity crises.[2] To protect the banking sector, the employees, and customers of the firm, it was changed into a bank by Bangladesh Bank.[2] Bangladesh Commerce Bank Limited was incorporated on 1 June 1998.[2] S Alam Group is an investor in the bank.[3]

In August 2004, Bangladesh Bank placed in a watchlist of "problem banks".[4] The bank donated to Prime Minister Khaleda Zia's relief fund.[5] Md Enayet Ullah was appointed managing director of the bank.[6]

A branch of the bank in Ashulia, Bangladesh was robbed on 21 April 2015. Nine people including the bank manager were killed.[7] One of the robber was killed and 2 were captured out of an estimated 8-9 robbers.[8] The attack was blamed on Islamic militants. 6 members Jama'atul Mujahideen Bangladesh (JMB) and Ansarullah Bangla Team were sentenced to death in the case and others were imprisoned.[7][9][10]

In 2018, Bangladesh Commerce Bank Limited had 31.6 per cent bad loans.[11]

In 2021, Bangladesh Commerce Bank Limited had found it difficult to recover 5.02 billion taka it had deposited with six non bank financial institutions.[12] The institutions were Bangladesh Industrial Finance Company Limited, FAS Finance and Investment Limited, First Finance Limited, International Leasing and Financial Services Limited, Peoples Leasing and Financial Services Limited, and Premier Leasing and Finance Limited.[12] Some of the institutions funds were embezzled by Prashanta Kumar Halder.[12]

On 28 June 2022, Bangladesh Bank allowed Bangladesh Commerce Bank Limited to reschedule a 1.99 billion taka defaulted loan to SB Exim, which is owned by Shahjahan Bablu who faces allegations of money laundering through fake invoicing exports from the Bangladesh Financial Intelligence Unit.[13] The bank overspent corporate social responsibility fund on disaster management.[14][15] In July the bank launched sharia based banking services.[16] Bangladesh Commerce Bank Limited filed a check dishonour case against Marrin Vegetable Oils Limited, a subsidiary of Nurjahan Group.[17] The chairman of the group, Tipu Sultan and managing director, Jahir Ahmed, were sentenced to one year in jail in the case.[17] Rashid Ahmed Chowdhury was re-elected chairman of the board in October 2022.[18]

Board of directors

Name Position Profession
Md Ataur Rahman Chairman Former Executive Director, Bangladesh Bank [19]
Shaikh Ashafuzzaman FCA Independent Director Chartered Accountant [19]
Md Mohsin Miah Independent Director Additional Managing Director, Meghna Bank [19]
Kamrul Hoque Maruf Director Joint Secretary, Financial Institutions Division, Ministry of Finance [19]
Md Golam Mortuza Director Deputy Managing Director, Janata Bank [19]

References

  1. ^ "BCBL". bcblbd.com. Retrieved 12 December 2021.
  2. ^ a b c d "Bangladesh Commerce Bank Limited". Banglapedia. Retrieved 20 September 2016.
  3. ^ "S Alam Group: 'Govt looking into fund sources'". The Daily Star. 2017-11-27. Retrieved 2022-11-11.
  4. ^ Byron, Rejaul Karim. "7 banks under BB performance watch". The Daily Star. Retrieved 2022-11-11.
  5. ^ "More donations to PM's relief fund". The Daily Star. Retrieved 2022-11-11.
  6. ^ "New MD of Bangladesh Commerce Bank". The Daily Star. Retrieved 2022-11-11.
  7. ^ a b "Cops suspect militant link". The Daily Star. 22 April 2015. Retrieved 20 September 2016.
  8. ^ "6 militants given death for 2015 Ashulia bank heist". The Daily Star. 31 May 2016. Retrieved 20 September 2016.
  9. ^ "'Ansarullah Bangla' man held over Ashulia bank heist". The Daily Star. 5 May 2015. Retrieved 20 September 2016.
  10. ^ "8 killed in Ashulia bank robbery". Dhaka Tribune. Archived from the original on 18 November 2016. Retrieved 20 September 2016.
  11. ^ Islam, Zyma (2018-04-06). "You Need To Know What Happened To Private Banks Last Week". The Daily Star. Retrieved 2022-11-11.
  12. ^ a b c Uddin, AKM Zamir (2021-01-27). "Commerce Bank, Janata run into a quagmire". The Daily Star. Retrieved 2022-11-11.
  13. ^ Uddin, AKM Zamir (2022-06-28). "Tk 199cr defaulted loan: BB allows 'launderer' to reschedule it". The Daily Star. Retrieved 2022-11-11.
  14. ^ "Banks overspend by 73% on disaster management, bypassing CSR directives". The Business Standard. 2022-10-27. Retrieved 2022-11-11.
  15. ^ "Banks spend 73pc of CSR fund in disaster mgmt: BB". New Age (Bangladesh). Retrieved 2022-11-11.
  16. ^ "BCBL launches Sharia-based banking services". New Age. Retrieved 2022-11-11.
  17. ^ a b "Nurjahan Group chairman, MD jailed in cheque bounce case". The Business Standard. 2022-08-11. Retrieved 2022-11-11.
  18. ^ "Rashid Ahmed re-elected BCBL board chairman". New Age (Bangladesh). Retrieved 2022-11-11.
  19. ^ a b c d e "S Alam's grip on banks' boards ends". The Business Standard. 2024-09-03. Retrieved 2024-09-07.


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