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City Bank (Bangladesh)

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(Redirected from The City Bank)
For other uses, see City Bank (disambiguation).

City Bank PLC
Native name
সিটি ব্যাংক পিএলসি
FormerlyThe City Bank Limited
Company typePublic Limited Company
DSE: CITYBANK
ISINBD0102CTBNK5
IndustryBanking, financial services
Founded28 March 1983; 41 years ago (1983-03-28)
FounderMonowar Ali, Ibrahim Mia (Late), Abdul Hadi (Late), M.A. Hashem (Late), Anwar Hossain, Abdul Barik Choudhury (Late), Deen Mohammad, A.B.M. Feroz, Md. Ali Hossain, Azizul Haque Chowdhury, N.A. Chowdhury (Late)
HeadquartersCity Bank Center, 28, Gulshan Avenue, Gulshan 1, 1212,
Dhaka
,
Bangladesh
Number of locations
133 (2022)[1]
Area served
Bangladesh
Key people
Aziz Al Kaiser (Chairman) Mashrur Arefin (CEO)[2]
ProductsRetail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance
RevenueIncrease 24.58 billions (2022)
Increase 11.82 billions (2022)
Increase 45.07 billions (2022)
Total assetsIncrease 506.84 billions (2022)
Number of employees
4,866[1] (2022)
Websitecitybankplc.com

City Bank PLC is a Bangladeshi private commercial bank headquartered in Dhaka.[3] The bank provides products and services in retail banking, corporate finance, SME Banking, women banking, digital banking, asset management, equity brokerage, and security. It has 133 branches.[1] The bank is a licensee to issue Visa and MasterCard Debit and Credit Cards and it is the sole licensee of American Express Cards in Bangladesh.[4]

The bank is a real-time online bank, having its branches, SME/Agri branches spread across Bangladesh along with a full-fledged Islami Banking branch. The managing director and CEO of the bank is Mashrur Arefin.[5] City Bank has gone international establishing 10 branches and 1 representative office in Malaysia in 2013 and one subsidiary office in Hong Kong in 2019. International Finance Corporation solely has invested BDT 1.31 billion, attaining a 5% share of City Bank.[6]

History

[edit]

It is a first-generation private commercial bank and it is one of the oldest commercial banks in the country. Then known as "City Bank PLC", its operations were started on 28 March 1983 by 12 local businessmen of the country. Those directors commenced the journey with only BDT 34 million worth of Capital, which now is a respectable BDT 3.3 billion as capital & reserve.[7][8][9] Deen Mohammad, chairman of Phoenix Group, was the founder of City Bank.[10]

City Bank PLC opened its first branch in the B. B. Avenue Branch in Dhaka. In 1986, City Bank PLC was listed on the Dhaka Stock Exchange and in 1995 it was listed on Chittagong Stock Exchange.[11][12]

On its 25th anniversary in 2008, City Bank PLC revamped its image and services. This includes the launch of a new logo, launched American Express.[13] credit cards, brokerage business, and City Wallet (SMS Banking) service. The name of the bank was simplified to "City Bank PLC" from its earlier "The City Bank Limited". The new logo, depicting a red and white checkered box kite, was launched in July 2008.[14][15]

Sohail RK Hussain was appointed managing director of City Bank in November 2013.[16]

The International Finance Corporation purchased a five percent stake in City Bank for 1.31 billion BDT in February 2016.[17] In December 2017, City Bank raised US$26 million for Doreen Power, a subsidiary of Doreen Group, to construct a powerplant in Munshiganj District.[18]

City Bank became the third bank in Bangladesh to offer UnionPay debit cards in August 2020.[19]

In July 2021, CDC Group provided a US$30 million loan to City Bank.[20]

Since the new offshore banking law was passed in March 2024, City Bank has managed to build offshore deposits of nearly US$21 million within two months. It is the first bank in Bangladesh to receive foreign currency deposits through its Offshore Banking products.[21]

Board of directors

[edit]
Name Position Reference
Aziz Al Kaiser Chairman [22]
Hossain Khaled Vice-chairman [22]
Rubel Aziz Director [22]
Hossain Mehmood Director [22]
Rajibul Huq Chowdhury Director [22]
Syeda Shaireen Aziz Director [22]
Savera H Mahmood Director [22]
Salim Mahmud Independent director [22]
Rebecca Bronson IFC Nominated Director [22]
Matiul Islam Nowshad Independent director [22]
Mashrur Arefin CEO and managing director [22]

Awards

[edit]

The following awards were received by the bank:

2023

ITFC Trade Finance Deal of the Year Award 2023 [1][2]

  • Best Bank in Bangladesh – Global Finance Best Bank Awards 2023[23]
  • Best Premium Banking Services in Bangladesh – Asiamoney Best Bank Awards[24]
  • SDG Brand Champion in Climate & Environment – SDG Brand Champion Award 2023[25]
  • Best Innovation in Bank (City Remit) – Bangladesh Innovation Award 2023[26]

2022

  • Best Bank in Bangladesh – FinanceAsia Country Awards 2022[27]
  • Best Bank in Bangladesh – Global Finance Best Bank Awards 2022[28]
  • Best Sustainable Finance Bank in Bangladesh – Global Finance’s Sustainable Finance Country Awards 2022[29]
  • Best Retail Bank – Bangladesh – Retail Banker Asia Trailblazer Awards 2022[30]
  • Best New Islamic Banking Window - Bangladesh – Global Brands Banking & Finance Awards 2022[31]
  • Best Islamic SME Bank in Bangladesh – The Asset Triple A Islamic Finance Awards 2022[32]
  • Best CSR Bank in Bangladesh – Asiamoney Best Bank Awards 2022[33]
  • Leading Partner Bank in Bangladesh – Trade and Supply Chain Finance Program (TSCFP) Awards 2022 by Asian Development Bank (ADB)[34]
  • Honorable Mention for ‘Product Innovation of the Year’ – Global SME Finance Awards 2022[35]
  • Honorable Mention for 'SME Financier of the Year – Asia' – Global SME Finance Awards 2022[35]
  • ICMAB Best Corporate Award ' – ICMA Bangladesh[36]

2021

  • Best Bank in Bangladesh – Global Finance World's Best Banks[37]
  • Best Bank in Bangladesh – FinanceAsia Country Awards[38]
  • Best Digital Bank in Bangladesh – Asiamoney Best Bank Awards[39]
  • Best Consumer Digital Bank in Bangladesh – Global Finance World’s Best Digital Bank Award[40]
  • Best Innovation in Banks for Digital Loan – Bangladesh Innovation Award[40]
  • Best CSR Bank in Bangladesh – Asia Money Best Bank Awards[39]
  • Leading Partner Bank in Bangladesh – Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP)[41]
  • Best Retailer Banks – Bangladesh Retail Awards 2021[42]

2020

  • Leading Partner Bank in Bangladesh – Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP)[43]
  • Best CSR Bank in Bangladesh – Asiamoney Best Bank Awards[44]

2019

  • Best Women Program Launch Award – Financial Alliance for Women[45]
  • Best Premium Banking Services in Bangladesh – Asiamoney Best Bank Awards 2019[46]
  • Best Bank in Bangladesh – Global Finance Best Emerging Markets Bank 2019[47]
  • Syndicated Loan of the Year Bangladesh – 2019 Asian Banking & Finance[48]

2018

  • Best Bank in Bangladesh – 2018 FinanceAsia Country Awards for Achievement[49]
  • Best Investment Bank in Bangladesh – 2018 FinanceAsia Country Awards for Achievement[49]
  • Best Consumer Digital Bank in Bangladesh 2018 – Global Finance[50]
  • Best Bank for Premium Services 2018 by Asiamoney[51]

References

[edit]
  1. ^ a b c "Who We are". City Bank PLC. Retrieved 22 December 2020.
  2. ^ "Management Committee". City Bank PLC. Retrieved 11 November 2020.
  3. ^ "City Bank to invest nearly Tk14cr to set up digital bank". The Business Standard. 8 August 2023. Retrieved 13 June 2024.
  4. ^ "City Bank and American Express celebrates 10 years in Bangladesh". City Bank PLC. Retrieved 19 November 2020.
  5. ^ "Management Committee". City Bank PLC. Retrieved 19 November 2020.
  6. ^ "BB allows City Bank to sell 5pc shares to International Finance Corporation". New Age. Retrieved 22 December 2020.
  7. ^ "City Bank PLC". Bangladesh Institute of Bank Management. Retrieved 22 December 2020.
  8. ^ "City Bank PLC.:: making sense of money". City Bank PLC. Retrieved 30 September 2015.
  9. ^ "City Bank PLC, The". Banglapedia. Retrieved 8 May 2016.
  10. ^ Akanda Muhammad Jahid (28 April 2021). "City Bank founder Deen Mohammad passes away". The Daily Star. Retrieved 26 March 2023.
  11. ^ "BSEC approves City Bank's Tk300 crore bond". Dhaka Tribune. Retrieved 22 December 2020.
  12. ^ "City Bank PLC". Chittagong Stock Exchange. Retrieved 22 December 2020.
  13. ^ "American Express". Bangladesh Bank. Retrieved 9 August 2023.
  14. ^ "City Bank PLC". City Bank PLC. Retrieved 30 September 2015.
  15. ^ "City Bank, American Express team up over credit cards". The Daily Star. 7 November 2009. Retrieved 26 March 2023.
  16. ^ "New MD for City Bank". The Daily Star. 3 November 2013. Retrieved 26 March 2023.
  17. ^ "IFC buys 5pc of City Bank". The Daily Star. 25 February 2016. Retrieved 26 March 2023.
  18. ^ "City Bank raises $26m for Doreen Power". The Daily Star. 26 December 2017. Retrieved 26 March 2023.
  19. ^ Hasan, Mahmudul (28 August 2020). "City Bank becomes the third local lender to issue China's UnionPay card". The Daily Star. Retrieved 26 March 2023.
  20. ^ "City Bank secures $30m foreign fund". The Daily Star. 15 July 2021. Retrieved 26 March 2023.
  21. ^ "City Bank's offshore unit bags $21m foreign deposits in two months". The Business Standard. 21 May 2024. Retrieved 13 June 2024.
  22. ^ a b c d e f g h i j k "Board of Directors". www.citybankplc.com. Retrieved 26 March 2023.
  23. ^ "Best Bank in Bangladesh 2023'" (PDF). Global Finance Best Bank Awards 2023 (Press release). 12 May 2023. Retrieved 12 July 2023.
  24. ^ "Best Bank awards 2023 Bangladesh'". Asiamoney Best Bank Awards. 27 June 2023. Retrieved 12 July 2023.
  25. ^ "SDG Brand Champions Award'". SDG Brand Champion Award 2023. 26 May 2023. Retrieved 12 July 2023.
  26. ^ "49 innovations receive Bangladesh Innovation Award 2023'". Bangladesh Innovation Award 2023. 12 July 2023. Retrieved 12 July 2023.
  27. ^ "Best Bank in Bangladesh 2021'". FinanceAsia Country Awards. 12 March 2022. Retrieved 11 July 2023.
  28. ^ "World's Best Banks 2022'". Global Finance Best Bank Awards 2022. 12 October 2022. Retrieved 11 July 2023.
  29. ^ "Sustainable Finance Awards 2022'". Global Finance Best Bank Awards 2022. 1 August 2022. Retrieved 11 July 2023.
  30. ^ "Best Retail Banking Awards 2022'". Retail Banker Asia Trailblazer Awards 2022. 14 March 2022. Retrieved 11 July 2023.
  31. ^ "Best New Islamic Banking Window 2022'". Global Brands Banking & Finance Awards 2022. Retrieved 14 May 2023.
  32. ^ "Best Islamic SME Bank in Bangladesh'". The Asset Triple A Islamic Finance Awards 2022. Retrieved 14 May 2023.
  33. ^ "Bangladesh's best bank for CSR 2022: City Bank '". Asiamoney Best Bank Awards 2022. Retrieved 11 July 2023.
  34. ^ "Trade and Supply Chain Finance Program Awards'". Trade and Supply Chain Finance Program (TSCFP) Awards 2022 by Asian Development Bank (ADB). Retrieved 11 July 2023.
  35. ^ a b "Honorable Mention for Product Innovation of the year'". Global SME Finance Awards 2022. Retrieved 1 July 2023.
  36. ^ "65 firms win ICMAB Best Corporate Award'". ICMA Bangladesh awards 2022. Retrieved 11 July 2023.
  37. ^ "World's Best Banks 2021: J.P. Morgan Takes Home World's Best Bank'". Global Finance World's Best Banks. 5 October 2021. Retrieved 5 October 2021.
  38. ^ "FinanceAsia Country Awards 2021'". FinanceAsia Country Awards 2021. 20 July 2021. Retrieved 20 July 2021.
  39. ^ a b "Bangladesh's best digital bank 2021: City Bank PLC.'". Asiamoney Best Bank Awards. 23 March 2021. Retrieved 23 March 2021.
  40. ^ a b "Bangladesh's best consumer digital bank 2021: City Bank PLC.'". Global Finance World’s Best Digital Bank Award. 27 March 2021. Retrieved 27 March 2021.
  41. ^ "City Bank wins ADB's Leading Partner Bank Award in Bangladesh for 2nd time'". Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP). 15 October 2021. Retrieved 21 October 2021.
  42. ^ "First Ever Bangladesh Retail Awards 2021'". Bangladesh Retail Awards 2021. 23 October 2021. Retrieved 11 July 2023.
  43. ^ "City Bank wins ADB's Leading Partner Bank Award for 2nd time'". Asian Development Bank (ADB) under Trade and Supply Chain Finance Program (TSCFP). 13 October 2021. Retrieved 31 March 2020.
  44. ^ "Bangladesh's best bank for CSR 2020: City Bank PLC.'". Asiamoney Best Bank Awards. 30 June 2019. Retrieved 31 March 2020.
  45. ^ "City Bank wins Women's Market Champion New Program Award by Financial Alliance for Women'". Financial Alliance for Women. 30 June 2019. Retrieved 30 June 2019.
  46. ^ "Bangladesh's best bank for premium services 2019: City Bank PLC'". Asian Money. 7 May 2019. Retrieved 11 July 2023.
  47. ^ "Best Banks In The World 2019: Banking Transformed'". Global Finance. 30 September 2020. Retrieved 11 July 2023.
  48. ^ "City Bank wins 'Syndicated Loan of the Year Bangladesh Award 2019'". Prothom Alo. 23 July 2019. Retrieved 11 July 2023.
  49. ^ a b "City Bank receives FinanceAsia Best Bank & Best Investment Bank award". Prothom Alo. 12 August 2018. Retrieved 22 December 2020.
  50. ^ "City Bank again named 'Best Consumer Digital Bank in Bangladesh 2018'". The Financial Express. 1 December 2018. Retrieved 22 December 2020.
  51. ^ "City Bank wins Asiamoney 'Best Bank for Premium Services' award again". Prothom Alo. 31 March 2019. Retrieved 22 December 2020.
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