NRB Bank

From Wikipedia, the free encyclopedia

NRB Bank
TypePrivate
IndustryBanking
Founded2013
FounderIqbal Ahmed (OBE)
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
  • Mahtabur Rahman (Chairman)
  • Mamoon Mahmood Shah (MD and CEO Ali Ahmed Director)
[1]
ServicesBanking
Financial services
Websitewww.nrbbankbd.com

NRB Bank is one of the third generation private banks in Bangladesh. , 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]

History[]

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 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.[12]

Md Mukhter Hossain, CEO and Managing Director of NRB Commercial Bank, was appointed an advisor to NRB Bank on 5 May 2021.[13]

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.[14][15] Bangladesh Bank finned the bank 4.9 million taka over the investments and market manipulation.[16][17][18] Chief financial officer of NBR Bank was terminated.[19] It also announced plans in September 2021 it's intention to start an IPO soon.[20] 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.[21]

In November 2021, Bangladesh Securities and Exchange Commission began an investigation into the activities of NRB Bank.[22]

References[]

  1. ^ "Mahtabur Rahman new chairman of NRB Bank". The Independent. Dhaka. Retrieved 29 March 2017.
  2. ^ "NRB Bank re-elects chairman". The Daily Star. 27 June 2019. Retrieved 1 January 2022.{{cite web}}: CS1 maint: url-status (link)
  3. ^ Desk, Star Business (1 September 2021). "NRB Bank reelects vice chairmen". The Daily Star. Retrieved 1 January 2022.
  4. ^ Desk, Star Business (3 August 2016). "Mehmood Husain, new CEO of NRB Bank". The Daily Star. Retrieved 1 January 2022.
  5. ^ Sarker, M.B. (2010). Bangladesh Economic Association Samoiki 2010. pp 689–701. thesteps.org
  6. ^ Report, Star Business (3 April 2013). "First NRB bank starts journey". The Daily Star. Retrieved 1 January 2022.
  7. ^ Report, Star Business (29 May 2013). "NRB Bank takes off". The Daily Star. Retrieved 1 January 2022.
  8. ^ Report, Star Business (12 December 2017). "No clear BB guideline for NRB banks". The Daily Star. Retrieved 1 January 2022.
  9. ^ a b Khan, Mahbubur Rahman (22 July 2020). "Loan from NRB Bank: No rules meant for Shahed". The Daily Star. Retrieved 1 January 2022.
  10. ^ Correspondent, Staff (23 July 2020). "Shahed accused in NRB Bank scam case". The Daily Star. Retrieved 1 January 2022.
  11. ^ Report, Star Business (30 May 2014). "Bank Asia, NRB Bank get approval for agent banking". The Daily Star. Retrieved 1 January 2022.
  12. ^ Desk, Star Business (3 August 2016). "Mehmood Husain, new CEO of NRB Bank". The Daily Star. Retrieved 1 January 2022.
  13. ^ Desk, Star Business (5 May 2021). "NRB Bank gets adviser". The Daily Star. Retrieved 1 January 2022.
  14. ^ 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.
  15. ^ News +, Star (18 October 2021). "NRB Bank involved in stock market scandal?". The Daily Star. Retrieved 1 January 2022.
  16. ^ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 1 January 2022.
  17. ^ "NRB Bank fined Tk49.50 lakh for share price manipulation". The Business Standard. 16 September 2021. Retrieved 1 January 2022.
  18. ^ Express, The Financial. "NRB Bank gets the regulator's stick for overreaching investment ceiling". The Financial Express. Retrieved 1 January 2022.
  19. ^ "How banks fuelled stock prices". The Business Standard. 13 September 2021. Retrieved 1 January 2022.
  20. ^ "NRB Bank to go public". The Business Standard. 14 September 2021. Retrieved 1 January 2022.
  21. ^ "Case filed by ACC against NRB Bank director and his wife". unb.com.bd. Retrieved 1 January 2022.{{cite web}}: CS1 maint: url-status (link)
  22. ^ https://www.risingbd.com. "Probe body formed to investigate against NRB Bank". Risingbd Online Bangla News Portal. Retrieved 1 January 2022. {{cite web}}: External link in |last= (help)
Retrieved from ""