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Eastern Bank (Bangladesh)

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Eastern Bank PLC.
Company typePrivate (Non-Government)
DSE: EBL
CSE: EBL
IndustryBanking
Founded8 August 1992; 32 years ago (1992-08-08)
HeadquartersDhaka, Bangladesh
Key people
Md. Showkat Ali Chowdhury (Chairman)
Ali Reza Ifekhar (Managing Director & CEO)
ProductsBanking services
IncreaseUS$180 million (2019)
IncreaseUS$95 million (2019)
Total assetsIncreaseUS$4 billion (2019)
Number of employees
3000+
RatingLong-term foreign currency deposit rating of B1 (Moody's)
Websiteebl.com.bd

Eastern Bank PLC. (Bengali: ইস্টার্ন ব্যাংক পিএলসি) is a private commercial bank headquartered in Dhaka, Bangladesh.[1][2][3] It was established on 8 August 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 87 branches[4] and 214 ATMs in Bangladesh and employs around 3000 employees.[5]

Eastern Bank PLC. is going to open its first overseas full-fledged branch in Calcutta, India.[6] 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.[5] EBL opened its third representative office on the Chinese mainland in Guangzhou on September 29, 2019.[7]

History

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Eastern Bank PLC. began operations on 16 August 1992.[8] Prior to 1992, EBL operated as Bank of Credit and Commerce International (BCCI), which transformed into Eastern Bank PLC..[9]

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.[10] City Bank and United Commercial Bank were also targeted in the hacks.[11]

A security guard at an ATM of Eastern Bank PLC. in Dhaka Cantonment was killed on duty in May 2018.[12]

A. M. Shaukat Ali, Director of Eastern Bank and chairman of Chairman of Engineering Consultants and Associates Limited, died in August 2020.[13] Eastern Bank increased its invest in government securities by 63 per cent.[14]

In January 2022, Eastern Bank announced plans to issue five billion BDT worth of bonds.[15] Ali Reza Iftekhar was reappointed managing director of Eastern Bank in June.[16] 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.[17] Eastern Bank PLC. announced plans to raise 1.2 billion BDT for Thengamara Mohila Sabuj Sangha.[18] It received a Sustainability Rating award for the year 2021 from Bangladesh Bank.[19] It helped arrange a 1.2 billion syndicated loan for Banglalink.[20]

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.[21]

Subsidiaries

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  • EBL Securities Limited (stock dealing & brokerage)[5]
  • EBL Investments Limited (merchant banking operations)[5]
  • EBL Asset Management Limited (asset management)[5]
  • EBL Finance (HK) Limited (first foreign subsidiary doing trade finance and off-shore banking business in Hong Kong)[5]
  • Yangon Representative Office, Myanmar[5]
  • Guangzhou Representative Office, Mainland China[5][22]

Board of directors

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  • Md. Showkat Ali Chowdhury (Chairman)[23]
  • M. Ghaziul Haque[23]
  • Mir Nasir Hossain[23]
  • Salina Ali[23]
  • Anis Ahmed[23]
  • Mufakkharul Islam Khasru[23]
  • Ormaan Rafay Nizam (not at present)
  • Gazi Md. Shawkat Hossain[23]
  • K. J. S. Banu[23]
  • Zara Namreen[23]
  • Toufic Ahmad Choudhury[23]
  • Ashiq Imran[23]
  • Ruslan Nasir[23]
  • K M Tanjib-ul Alam[23]
  • Ali Reza Iftekhar (Chief Executive Officer and Managing Director)[23]

Shareholding pattern

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As of September 30, 2019:[24]

Party Percentage
Institute 44.20%
Sponsor/Director 31.60%
Public 23.80%
Foreign 00.40%
Government 00.00%

See also

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References

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  1. ^ "Bangladesh Bank to probe 'freak transactions' in Eastern Bank Ltd". bdnews24.com. Retrieved 9 May 2016.
  2. ^ "Laila Sharmeen to exhibit at World Art Games". The Daily Star. 29 April 2016. Retrieved 9 May 2016.
  3. ^ "Star Melodies' tribute to Khandaker Nurul Alam and Robin Ghosh". The Daily Star. 28 April 2016. Retrieved 9 May 2016.
  4. ^ https://www.ebl.com.bd/branches
  5. ^ a b c d e f g h "EBL Annual Report 2018" (PDF). Eastern Bank PLC. Archived from the original (PDF) on 27 June 2019. Retrieved 28 June 2019.
  6. ^ "Bangladeshi Eastern Bank to open branch in Kolkata". bdnews24.com. Retrieved 27 June 2019.
  7. ^ "Bangladesh's Eastern Bank opens first office on Chinese mainland". Xinhua News Agency. Archived from the original on 8 October 2019. Retrieved 14 November 2019.
  8. ^ "Eastern Bank Limited". Banglapedia. Retrieved 9 May 2016.
  9. ^ "EBL aims to become Southeast Asia's regional bank". The Daily Star. 17 August 2017. Retrieved 30 March 2023.
  10. ^ "EBL to compensate ATM fraud victims". The Daily Star. 17 February 2016. Retrieved 30 March 2023.
  11. ^ "Eastern Bank pays back ATM fraud victims". The Daily Star. 19 February 2016. Retrieved 30 March 2023.
  12. ^ Report, Star Online (21 May 2018). "ATM booth guard found dead at Dhaka cantonment". The Daily Star. Retrieved 30 March 2023.
  13. ^ Report, Star Online (3 August 2020). "Eastern Bank Director Shaukat Ali passes away". The Daily Star. Retrieved 30 March 2023.
  14. ^ "Eastern Bank's investment jumps 63% in govt securities". The Business Standard. 23 November 2020. Retrieved 30 March 2023.
  15. ^ "Eastern Bank to issue Tk 500 crore subordinated bond". The Daily Star. 26 January 2022. Retrieved 30 March 2023.
  16. ^ "Iftekhar reappointed MD of Eastern Bank". The Daily Star. 6 June 2022. Retrieved 30 March 2023.
  17. ^ "EBL fined for breaching banking rules". The Daily Star. 6 April 2022. Retrieved 30 March 2023.
  18. ^ "EBL raises Tk 122.4cr for TMSS". The Daily Star. 28 September 2022. Retrieved 30 March 2023.
  19. ^ "Eastern Bank wins BB's Sustainability Rating Award". The Business Standard. 4 July 2022. Retrieved 30 March 2023.
  20. ^ "Banglalink secures 1,200C syndicated term loan". www.dhakatribune.com. 26 April 2022. Retrieved 30 March 2023.
  21. ^ "Fire in Chattogram's Eastern Bank under control". The Daily Star. 6 January 2023. Retrieved 30 March 2023.
  22. ^ "EBL expands wings to China". The Daily Star. 29 September 2019. Retrieved 30 March 2023.
  23. ^ a b c d e f g h i j k l m n "Eastern Bank Ltd. | Board of Directors". www.ebl.com.bd. Retrieved 30 March 2023.
  24. ^ "Lankabangla Financial Portal- Live stock data of Dhaka Stock Exchange (DSE), financial statements, research, chart and level 2 data". lankabd.com. Retrieved 15 November 2019.
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