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Pubali Bank

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Pubali Bank PLC.
Company typePublic limited company
Industry
Founded1959; 65 years ago (1959)
Headquarters26 Dilkusha Commercial Area, Dhaka, Bangladesh
Number of locations
707
Area served
Bangladesh
Key people
Monzurur Rahman
(Chairman)
Products
Increase ৳17.718 billion (US$150 million) (2018)
Increase ৳3.627 billion (US$30 million) (2018)
Total assetsIncrease ৳410.226 billion (US$3.4 billion) (2018)
Websitewww.pubalibangla.com

Pubali Bank PLC. (Bengali: পূবালী ব্যাংক পিএলসি.) is the largest commercial bank in Bangladesh. It has more branches than any other autonomous bank in the country.[1] Monzurur Rahman is the present chairman of the bank.

History

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Pubali Bank was started in East Pakistan as Eastern Mercantile Bank Limited in 1959 under the Bank Companies Act 1913 by Bengali businessmen.[2] After the independence of Bangladesh in 1971 the bank was nationalized under Bangladesh Bank's (nationalisation) Ordinance and renamed as Pubali Bank.[2]

Subsequently, Pubali Bank was denationalized in the year 1983 as a private bank and renamed as Pubali Bank Limited.[1]

The bank signed a ৳100 million loan agreement with Uttara Finance and Investments Limited in 2007.[3]

In 2009, Pubali Bank had reserves worth ৳88.89 billion.[4] It's non-performing loans went from 18.4 per cent in 2004 to 2.96 per cent.[4]

In February 2014, High Court Division, Supreme Court of Bangladesh removed eight members of the board of directors including chairman Hafiz Ahmed Mazumder for not possessing the minimum required shares in response to a petition filed by Shafee Ahmed Chowdhury, a shareholder of the bank.[5][6]

৳5 million went missing in the bank's branch in Chittagong in 2016 following which five employees of the bank were arrested.[7][8] Three employees of the bank in Chittagong were jailed for embezzling ৳128.6 million from the bank.[9] In January, Safiul Alam Khan Chowdhury was appointed managing director of Pubali Bank.[10] In May, Habibur Rahman was appointed chairman of the bank.[11] That's It Fashions Limited, a subsidiary of Ha-Meem Group, announced plans to purchase 11 million shares of Pubali Bank.[12]

In May 2019, Azizul Huq was elected chairman of the Pubali Bank.[13]

In 2021, Bangladesh Securities and Exchange Commission approved ৳5 billion perpetual bonds of the bank.[14] It signed a US$52 million loan agreement with Bank Muscat.[15]

The Pubali Bank donated ৳1 million to Bishwo Shahitto Kendro in October 2022.[16] It received US$50 million from the British International Investment.[17]

Board of directors

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Name Position Reference
Monzurur Rahman Chairman [18]
Moniruddin Ahmed Director [18]
Habibur Rahman Director [18]
Ahmed Shafi Choudhury Director [18]
Fahim Ahmed Faruk Chowdhury Director [18]
Rumana Sharif Director [18]
M. Kabiruzzaman Yaqub Director [18]
Musa Ahmed Director [18]
Azizur Rahman Director [18]
Md. Abdur Razzak Mondal Director [18]
Rana Laila Hafiz Director [18]
Mustafa Ahmed Director [18]
Shahdeen Malik Independent Director [18]
Mohammad Naushad Ali Chowdhury Independent Director [18]
Mohammad Ali Managing Director [18]

References

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  1. ^ a b "Pubali Bank Limited". Banglapedia. Retrieved 2016-05-09.
  2. ^ a b "Bank Profile & History". Pubali Bank Limited. Retrieved 26 November 2022.
  3. ^ "Pubali Bank, Uttara Finance ink Tk10cr term loan agreement". The Daily Star. 2007-09-25. Retrieved 2022-11-26.
  4. ^ a b "Pubali Bank to expand horizon". The Daily Star. 2010-02-09. Retrieved 2016-05-09.
  5. ^ "Posts of eight Pubali Bank directors vacant: HC". The Daily Star. 2014-02-26. Retrieved 2022-11-26.
  6. ^ "Pubali Bank loses Chairman, directors". bdnews24.com. Retrieved 2022-11-26.
  7. ^ "Tk 50 lakh of Pubali Bank missing mysteriously in Ctg". The Daily Star. 2016-02-11. Retrieved 2016-05-09.
  8. ^ "Pubali Bank's missing Tk 50 lakh in Ctg yet to be traced". The Daily Star. 2016-02-13. Retrieved 2022-11-26.
  9. ^ "Pubali Bank Scam: Branch manager, two others sent to jail". The Daily Star. 2019-01-15. Retrieved 2022-11-26.
  10. ^ "Pubali Bank gets new additional MD". The Daily Star. 2016-01-03. Retrieved 2016-05-09.
  11. ^ "Pubali Bank elects new chairman". The Daily Star. 2016-05-02. Retrieved 2016-05-09.
  12. ^ "That's It Fashions to buy 1.1cr shares of Pubali Bank". The Daily Star. 2017-09-12. Retrieved 2022-11-26.
  13. ^ "Pubali Bank gets new chairman". The Daily Star. 2019-05-21. Retrieved 2022-11-26.
  14. ^ "Pubali Bank's Tk 500 crore perpetual bond gets go-ahead". The Daily Star. 2021-12-07. Retrieved 2022-11-26.
  15. ^ "Pubali Bank, Bank Muscat in $52m deal". The Daily Star. 2021-09-08. Retrieved 2022-11-26.
  16. ^ "Pubali bank donates BDT 10 lakhs to Bishwo Shahitto Kendro". The Daily Star. 2022-10-16. Retrieved 2022-11-26.
  17. ^ "Pubali Bank to get $50m loan from British lender". The Daily Star. 2022-11-06. Retrieved 2022-11-26.
  18. ^ a b c d e f g h i j k l m n o "Pubali Bank Limited". www.pubalibangla.com. Retrieved 2022-11-26.
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