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]
| Company type | Public |
|---|---|
| Industry | Banking |
| Founded | 2013 |
| Founder | Iqbal Ahmed (OBE) |
| Headquarters | Dhaka, Bangladesh |
Area served | Bangladesh |
Key people | [1] |
| Services | Banking Financial services |
| Website | www |
History
editMigrants 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.[9][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]
References
edit
- ^ "Mahtabur Rahman new chairman of NRB Bank". The Independent. Dhaka. Retrieved 29 March 2017.
- ^ "NRB Bank re-elects chairman". The Daily Star. 27 June 2019. Retrieved 1 January 2022.
- ^ "NRB Bank reelects vice chairmen". The Daily Star. 1 September 2021. Retrieved 1 January 2022.
- ^ a b "Mehmood Husain, new CEO of NRB Bank". The Daily Star. 3 August 2016. Retrieved 1 January 2022.
- ^ Sarker, M.B. (2010). Bangladesh Economic Association Samoiki 2010. pp 689–701. thesteps.org
- ^ "First NRB bank starts journey". The Daily Star. 3 April 2013. Retrieved 1 January 2022.
- ^ "NRB Bank takes off". The Daily Star. 29 May 2013. Retrieved 1 January 2022.
- ^ "No clear BB guideline for NRB banks". The Daily Star. 12 December 2017. Retrieved 1 January 2022.
- ^ a b Khan, Mahbubur Rahman (22 July 2020). "Loan from NRB Bank: No rules meant for Shahed". The Daily Star. Retrieved 1 January 2022.
- ^ "Shahed accused in NRB Bank scam case". The Daily Star. 23 July 2020. Retrieved 1 January 2022.
- ^ "Bank Asia, NRB Bank get approval for agent banking". The Daily Star. 30 May 2014. Retrieved 1 January 2022.
- ^ "NRB Bank gets adviser". The Daily Star. 5 May 2021. Retrieved 1 January 2022.
- ^ Uddin, AKM Zamir; Habib, Ahsan (29 September 2021). "NRB Bank deliberately loses Tk 103cr to favour stock gamblers". The Daily Star. Retrieved 1 January 2022.
- ^ "NRB Bank involved in stock market scandal?". The Daily Star. 18 October 2021. Retrieved 1 January 2022.
- ^ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 1 January 2022.
- ^ "NRB Bank fined Tk49.50 lakh for share price manipulation". The Business Standard. 16 September 2021. Retrieved 1 January 2022.
- ^ "NRB Bank gets the regulator's stick for overreaching investment ceiling". The Financial Express. Retrieved 1 January 2022.
- ^ "How banks fuelled stock prices". The Business Standard. 13 September 2021. Retrieved 1 January 2022.
- ^ "NRB Bank to go public". The Business Standard. 14 September 2021. Retrieved 1 January 2022.
- ^ "Case filed by ACC against NRB Bank director and his wife". UNB. Retrieved 1 January 2022.
- ^ "Probe body formed to investigate against NRB Bank". Risingbd.com. Retrieved 1 January 2022.