Agrani Bank

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Agrani Bank PLC
Company typePublic Limited Company
IndustryBanking, Financial services
Founded26 March 1972 (1972 -03-26)
Headquarters
Dhaka
,
Bangladesh
Number of locations
962 (2021)
Area served
Bangladesh
Key people
Zaid Bakht (Chairman)[1]
Md. Murshedul Kabir (Managing Director & CEO)[2]
ProductsFinance and insurance
Consumer Banking
Corporate Banking
Investment Banking
Investment Management
Decrease US$86.4 million (2020)
Total assetsIncrease US$12.7 billion (2020)
Number of employees
11,389 (2020)
Websitewww.agranibank.org
Footnotes / references
[3]

Agrani Bank PLC (Bengali: অগ্রণী ব্যাংক) is a state-owned commercial bank of Bangladesh established in 1972. Its headquarters is situated at Motijheel in Dhaka, the capital city of Bangladesh.[4] Murshedul Kabir is the CEO and managing director of Agrani Bank.[5]

Head Office of Agrani Bank
Chittagong University Branch, Hathazari

History[edit]

Agrani Bank Limited was established on 26 March 1972 by combining two abandoned Pakistani banks, Commerce Bank and Habib Bank. The bank is fully owned by the Government of Bangladesh.[4] M. Fazlur Rahman was the first managing director of the bank.[6] Agrani Bank is governed by a board of directors consisting of 12 members headed by a chairman.

In 1995, Agrani Bank installed the first Automated teller machine in Bangladesh at the Jatiya Press Club.[6]

In 2006, Purbo Banglar Communist Party, demanded toll from six branches of Agrani Bank.[7] In 2007, Agrani Bank, led by chairperson Siddiqur Rahman Choudhury, along with two other state owned banks, Sonali Bank Limited and Janata Bank Limited, were made into public limited companies.[8]

As of 2009, the bank has 11 Circle offices, 34 Divisions in head office, 62 zonal offices and 941 branches including 27 corporate and 40 AD (authorized dealer) branches.[4] Agrani Bank also has remittance houses in Singapore, Malaysia and Canada. It has been corporatized on 15 November 2007 and emerged as Agrani Bank Limited (ABL) taking over assets, liability and goodwill of Agrani Bank.[9] The authorized capital of the bank was Tk 8 billion. It is also the owner of the Agrani Bank Ltd football club and Agrani Bank Cricket Club.

Khandaker Bazlul Haque, president of Dhaka University Teachers' Association, was appointed chairman of Agrani Bank in September 2009.[10] Syed Abdul Hamid was appointed managing director of Agrani Bank in July 2010.[11]

An audit in 2013 by Office of Comptroller and Auditor General found that Agrani Bank had 28.85 billion taka in loses due to improper lending.[12]

In November 2014, Zaid Bakht, research director of Bangladesh Institute of Development Studies, was appointed chairman of Agrani Bank.[13]

In 2015, Agrani Bank re-appointed Syed Abdul Hamid managing director; a post he held since 2014.[14] Agrani Bank branch in Jessore District was robbed of 2.1 million armed robbers.[15]

In June 2016, Syed Abdul Hamid, the managing director of Agrani Bank was removed by Bangladesh Bank for providing 7.92 billion taka worth of loans against rules.[16] Deputy Managing Director Mizanur Rahman Khan was arrested by Anti Corruption Commission of Bangladesh.[16][17][18][19] Khan was arrested hours after the Ministry of Finance appointed him acting managing director of the bank along with two other officials.[20]

Following these removals, Mohammad Shams-Ul Islam was appointed the new managing director in August 2016.[21] Upon his appointment, Islam immediately set in place a 100 Day Roadmap to recalibrate bank objectives, emphasizing growth and innovation in product offerings. By December 2016, the bank reported a 300% growth in operating profit, to Tk. 5.5 billion.[22] The parliamentary standing committee on Estimate formed an investigation committee led by Yusuf Abdullah Harun to look into the loans following a report by Bangladesh Bank which found widespread irregularities at the bank.[23] The other two members of the investigation committee were Sheikh Fazle Noor Taposh and Waseqa Ayesha Khan.[23] Bangladesh Securities and Exchange Commission approved Agrani Banks request to form a billion taka mutual fund.[24]

Anti Corruption Commission of Bangladesh filled charges against Mizanur Rahman Shaheen and his brother, Mujibur Rahman Milon, for embezzling more than 1.4 billion taka from the bank in March 2018.[25] They are believed to have fled Bangladesh for Canada and Singapore.[25][26] Former manager of the bank, Nibaran Chandra Tanchangya, was arrested for embezzling money from the Bandarban District branch.[27] It has a branch in Canada which is loss making concern for the bank.[28]

In December 2020, Zaid Bakht was re-appointed chairman of Agrani Bank for a third time in a row.[29] In November 2021, Agrani Bank was identified as a weak bank due to 24.63 billion taka shortfall.[30] Haji Selim, member of parliament from Awami League, had grabbed land belonging to Agrani Bank in Moulvibazar, Old Dhaka which he had claimed since 2003.[31] The bank was able to recover the land in 2020 but the building was demolished by Haji Selim.[31] Bangladesh Bank had discovered an irregular loan by Agrani Bank for 350 million taka to Stylecraft Limited.[32] Bangladesh Bank also fined Agrani Bank for proving loan to a known defaulter, Swiss Quality Paper, subsidiary of the Tanaka Group, with "undue privilege".[33]

Agrani Bank was the lone supplier of foreign exchange to the Padma Bridge construction project and had paid more than 1.2 billion USD to suppliers and contractors.[34] Anti-Corruption Commission began an investigation against the managing director of the bank, Mohammad Shams-Ul Islam, in February 2022.[35] In August 2022, Md Murshedul Kabir, was appointed Managing Director of Agrani Bank replacing Mohammad Shams-Ul Islam.[36] SWIFT asked Agrani Bank to suspend all transaction with Russia following the Russian invasion of Ukraine.[37] Bangladesh Bank fined Agrani bank for failure to recover loan from Dolly Construction Limited.[38]

Board of directors[edit]

Name Designation Reference
Zaid Bakht Chairman [39]
Biswajit Bhattacharya Khokon Director [39]
Mafiz Uddin Ahmed Director [39]
Kashem Humayun Director [39]
K.M.N Manjurul Hoque Labloo Director [39]
Khondker Fazle Rashid Director [39]
Tanjina Ismail Director [39]
Md. Shahadat Hossain Director [39]
Mohammad Masud Rana Chowdhury Director [39]
Md. Murshedul Kabir Managing Director and Chief Executive Officer [39][40]

See also[edit]

References[edit]

  1. ^ "New Agrani Bank chairman Zaid Bakht to focus on internal audit". bdnews24.com. 18 November 2014.
  2. ^ "Top Management". Agrani Bank.
  3. ^ "Annual Report 2020" (PDF). Agrani Bank. p. 20.
  4. ^ a b c "Agrani Bank Limited". Banglapedia. Retrieved 28 July 2016.
  5. ^ "Agrani Bank business review meeting held in Mymensingh". The Business Standard. 14 October 2022. Retrieved 19 October 2022.
  6. ^ a b "Agrani Bank in retrospect". The Financial Express. Retrieved 19 October 2022.
  7. ^ "Outlaws demand toll from Agrani bank branches in Khulna". The Daily Star. Retrieved 19 October 2022.
  8. ^ "Sonali, Janata, Agrani banks become PLCs". The Daily Star. UNB. 16 November 2007. Retrieved 19 October 2022.
  9. ^ "Agrani Bank Limited". BusinessWeek. Archived from the original on 24 September 2012. Retrieved 5 October 2009.
  10. ^ "3 state-owned banks get new chairmen". The Daily Star. 9 September 2009. Retrieved 19 October 2022.
  11. ^ "New MD for Agrani Bank". The Daily Star. 12 July 2010. Retrieved 19 October 2022.
  12. ^ Rahman, Md Fazlur (20 August 2013). "Tk 2,885cr stuck in anomalies". The Daily Star. Retrieved 19 October 2022.
  13. ^ "Agrani Bank gets new chairman". The Daily Star. 17 November 2014. Retrieved 19 October 2022.
  14. ^ "Agrani Bank re-appoints MD". The Daily Star. 10 July 2015. Retrieved 19 October 2022.
  15. ^ "Robbers loot Tk 21 lakh from Jessore Agrani Bank". The Daily Star. 18 September 2015. Retrieved 19 October 2022.
  16. ^ a b "Agrani Bank MD axed for Tk 792cr loan irregularities". The Daily Star. 30 June 2016. Retrieved 28 July 2016.
  17. ^ "State-owned Agrani Bank's MD Syed Abdul Hamid sacked". bdnews24.com. Retrieved 28 July 2016.
  18. ^ "Agrani Bank acting MD arrested hours after taking charge". Business News 24 BD. Retrieved 28 July 2016.
  19. ^ "Agrani Bank boss arrested on first day of job". Dhaka Tribune. Retrieved 28 July 2016.
  20. ^ "ACC arrests 3 Agrani Bank high ups". The Daily Star. 30 June 2016. Retrieved 19 October 2022.
  21. ^ "New managing directors appointed to state-owned Sonali, Agrani and Rupali banks". bdnews24.com. 16 August 2016.
  22. ^ "Agrani Bank eyes Tk. 20 billion profit". Daily Country Today Bangladesh. Retrieved 16 August 2022.
  23. ^ a b "JS committee forms body to probe Agrani Bank 'loan scam". The Daily Star. 22 November 2017. Retrieved 19 October 2022.
  24. ^ "Agrani Bank gets green light for mutual fund". The Daily Star. 26 January 2017. Retrieved 19 October 2022.
  25. ^ a b "Agrani Bank Loans: Traders sued by ACC for embezzling Tk 144 crore". The Daily Star. 25 May 2018. Retrieved 19 October 2022.
  26. ^ "Shaheen migrates to Canada and lives in Toronto..." CorruptionWatch.info. Retrieved 19 October 2022.
  27. ^ "Former Agrani Bank manager arrested by Anti-Corruption Commission". The Daily Star. 22 July 2019. Retrieved 19 October 2022.
  28. ^ Alo, Jebun Nesa (2 August 2017). "Agrani not closing loss-making exchange house in Canada". The Daily Star. Retrieved 19 October 2022.
  29. ^ "Zaid Bakht reappointed Agrani Bank chairman". The Daily Star. 15 December 2020. Retrieved 19 October 2022.
  30. ^ "11 banks weighed down by Tk 27,918cr capital shortfall". The Daily Star. 29 November 2021. Retrieved 19 October 2022.
  31. ^ a b Alam, Helemul; Islam, Shariful (29 October 2020). "Sell it cheap or face torture". The Daily Star. Retrieved 19 October 2022.
  32. ^ "Agrani Bank sanctions Tk 35cr in loan to Stylecraft thru anomalies". New Age. Retrieved 19 October 2022.
  33. ^ "2 state-owned banks fined for loan anomalies". Dhaka Tribune. 12 February 2022. Retrieved 19 October 2022.
  34. ^ Byron, Rejaul Karim; Habib, Wasim Bin (16 March 2021). "Agrani Bank sole supplier of forex for Padma bridge". The Daily Star. Retrieved 19 October 2022.
  35. ^ "ACC investigate allegations against Agrani Bank MD". New Age. Retrieved 19 October 2022.
  36. ^ "Kabir joins Agrani Bank as MD". The Daily Star. 30 August 2022. Retrieved 19 October 2022.
  37. ^ Uddin, AKM Zamir (4 March 2022). "Suspend transactions with Russian banks". The Daily Star. Retrieved 19 October 2022.
  38. ^ "Agrani Bank fined for inaction over Dolly Construction's loan irregularities". The Business Standard. 5 July 2022. Retrieved 19 October 2022.
  39. ^ a b c d e f g h i j "Agrani Bank Limited". www.agranibank.org. Retrieved 19 October 2022.
  40. ^ "Md. Murshedul Kabir appointed Agrani Bank MD and CEO". The Business Standard. 30 August 2022. Retrieved 19 October 2022.

External links[edit]

Retrieved from "https://en.wikipedia.org/w/index.php?title=Agrani_Bank&oldid=1180337126"