Southeast Bank

For the former bank holding company of the same name, see Southeast Banking Corporation.
Southeast Bank PLC.
Company typePrivate Bank
IndustryBanking, Financial services
Founded1995; 29 years ago (1995) in Dhaka, Bangladesh
Headquarters
Dhaka
,
Bangladesh
Key people
Alamgir Kabir, FCA (Chairman)
Nuruddin Md. Sadeque Hossain (Managing Director)
ServicesConsumer banking
Corporate banking
Investment banking
Islamic banking
Mortgage loans
Private banking
Credit cards
Revenue$700 million (USD)(2018)
Websitewww.southeastbank.com.bd

Southeast Bank PLC.[1] is a private commercial bank in Bangladesh. Alamgir Kabir is chairman of the bank and Nuruddin Md. Sadeque Hossain is the managing director of the bank.[2]

History

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Southeast Bank PLC. was established as a Public Limited Company on March 12, 1995.[3] In the Registrar of Joint Stock Companies and Firms issued the Certificate of Commencement of Business of the Bank on the same date. The Southeast Bank received its Banking License from the Bangladesh Bank on March 23, 1995. The Bank's first branch was opened by M. Saifur Rahman, the then Finance Minister of Bangladesh as the chief guest at 1, Dilkusha Commercial Area, Dhaka on May 25, 1995.[4] The incumbent chairman of the Bank is Alamgir Kabir, FCA. M. A. Kashem a member of the Board and Yussuf Abdullah Harun were past Presidents of the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).[5]

Neaz Ahmed was appointed managing director of the bank in 2004.[6] He was reappointed in 2007.[7]

In May 2009, Alamgir Kabir became chairman and Ragib Ali vice-chairman of the Bank.[8] Mahbubul Alam was appointed managing director of the bank.[9] Bangladesh Bank started monitoring Southeast Bank PLC. due to poor performance.[10]

In December 2011, the bank started its 81st branch in Munshiganj.[11]

Shahid Hossain was appointed managing director of the bank in 2013.[12]

In 2016, 18.14% of SEBL's employees are women that will rise to 45% over the next five years.[13]

In November 2021, Bangladesh Bank fined Southeast Bank PLC. one million taka for overinvesting in National Life Insurance Company Limited which violated banking rules.[14] Bangladesh Bank fined them 2.1 million taka for failing to reduce their investment.[15]

The appellate division of Bangladesh Supreme Court in August 2021 halted a Bangladesh High Court order for Anti-Corruption Commission and Bangladesh Bank to investigate against the chairman of the bank, Alamgir Kabir, on corruption charges following an appeal by Alamgir.[16]

In September 2022, Chattogram Money Loan Court issued an arrest warrant against the chairman of Nurjahan group for embezzling 2.68 billion taka from Southeast Bank PLC.[17]

Banking

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The Bank maintained a capital adequacy ratio at 11.46 percent as on December 31, 2011, against requirement of 10 percent set by Bangladesh Bank. Credit Rating Information and Services Limited (CRISL) rated the Bank AA− (Double A Minus) for the long term and ST-2 for the short term based on the financial statements of the Bank for the year 2010. Their rating for the long term remained valid up to June 1, 2012. The Credit Rating of the Bank for the year 2011 has been assigned to Credit Rating Information and services Limited (CRISL).[18]

Southeast Bank Ltd. made operating profits worth Tk 5.50 billion in 2012 against Tk 6.05 billion in 2011.[19]

Board of directors

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Name Position Reference
Mr. Alamgir Kabir, FCA Chairman [20]
Md. Akikur Rahman Vice Chairman [20]
Duluma Ahmed Director [20]
Jusna Ara Kashem Director [20]
M. Maniruz Zaman Khan Director [20]
Nasir Uddin Ahmed Director [20]
Md. Rafiqul Islam Director [20]
Anjuman Ara Shahid Director [20]
Syed Sajedul Karim Independent Director [20]
Mohammad Delwar Husain Independent Director [20]
Nuruddin Md. Sadeque Hossain Managing Director [20]

Charity

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Southeast Bank Foundation initiated a scholarship program for poor and meritorious student in 2009. The Foundation has, so far, distributed 827 scholarships to the secondary level students, while the number of scholarships to higher secondary level students stood at 1263.[21] Since 2011, the program has been expanded to include graduation level students. On the occasion, scholarships were, for the first time, distributed to 75 students who are admitted at public universities, medical colleges, engineering universities and agricultural universities.[21][22][23] In November 2022, the bank donated 75 thousand blankets to Prime Minister Sheikh Hasina's relief fund.[24]

Southeast Bank PLC has distributed special CSR fund among farmers for cultivation and purchasing agro-based machinery.[25]

References

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  1. ^ "Southeast Bank holds 21st AGM, approves 15pc cash dividend". The Financial Express. Dhaka. Retrieved 2016-05-09.
  2. ^ "Southeast Bank PLC. approved 8% cash dividend and 4% stock dividend". Dhaka Tribune. 2022-08-11. Retrieved 2022-11-13.
  3. ^ "Southeast Bank PLC". Banglapedia. Retrieved 2016-05-09.
  4. ^ "annual_report_2011" (PDF).
  5. ^ "Southeast Bank PLC". www.southeastbank.com.bd. Retrieved 2016-05-09.
  6. ^ "New MD of Southeast Bank". The Daily Star. Retrieved 2022-11-13.
  7. ^ "Southeast Bank MD reappointed". The Daily Star. 2007-10-11. Retrieved 2016-05-09.
  8. ^ "Southeast Bank's new chairman, vice chairman". The Daily Star. 2009-05-01. Retrieved 2022-11-13.
  9. ^ "New MD for Southeast Bank". The Daily Star. 2009-06-23. Retrieved 2016-05-09.
  10. ^ "Southeast Bank under BB scanner". The Daily Star. 2009-12-17. Retrieved 2016-05-09.
  11. ^ "Southeast Bank, inaugurates the 81st branch". The Daily Star. 2011-12-25. Retrieved 2016-05-09.
  12. ^ "Southeast Bank's new MD". The Daily Star. 2013-01-10. Retrieved 2016-05-09.
  13. ^ "Southeast Bank Ltd - BangladeshYellowBook.com". www.bangladeshyellowbook.com. Retrieved 2016-05-09.
  14. ^ "Southeast Bank fined Tk 10 lakh for flouting stock rules". The Daily Star. 2021-11-09. Retrieved 2022-11-13.
  15. ^ Uddin, AKM Zamir; Habib, Ahsan (2022-01-13). "Southeast Bank fined again". The Daily Star. Retrieved 2022-11-13.
  16. ^ "SC stays HC order for inquiry into corruption allegation against Southeast Bank chairman". The Daily Star. 2021-08-26. Retrieved 2022-11-13.
  17. ^ "Embezzling Tk 268cr: Arrest warrant issued against Nurjahan group MD". The Daily Star. 2022-09-13. Retrieved 2022-11-13.
  18. ^ "Southeast Bank holds 17th AGM, okays 15 pc cash, 5 pc stock div". The Financial Express. Dhaka. Retrieved 2016-05-09.
  19. ^ Islam, Siddique; Karim, Rezaul (2013-01-01). "Mixed trend in PCBs 2012 operating profits". The Financial Express. Dhaka. Retrieved 2013-01-01.
  20. ^ a b c d e f g h i j k "Board of Directors of Southeast Bank PLC". southeastbank.com.bd. Retrieved 2024-04-15.
  21. ^ a b "Southeast Bank Foundation distributes scholarships". The Financial Express. Dhaka. Retrieved 2016-05-09.
  22. ^ "Banks asked to spend 30pc of CSR fund for education". The Daily Star. UNB. 2016-02-27. Retrieved 2016-05-09.
  23. ^ "SEBL distributes stipends among 1,992 students". The Daily Observer. Dhaka. Retrieved 2016-05-09.
  24. ^ "Southeast Bank donates 75k blankets to PM relief fund". The Business Standard. 2022-11-10. Retrieved 2022-11-13.
  25. ^ "Southeast Bank distributes special CSR fund". The Financial Express. Dhaka. Retrieved 2024-04-15.
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