NRB Bank

NRB Bank
Company typePublic
IndustryBanking
Founded2013
FounderMr. Iqbal Ahmed (OBE) DBA
HeadquartersDhaka, Bangladesh
Area served
Bangladesh
Key people
[1]
ServicesBanking
Financial services
Websitewww.nrbbankbd.com

NRB Bank is one of the fourth-generation private banks in Bangladesh. Iqbal Ahmed, OBE, DBA, founder chairman of the bank and chairman & chief executive of Seamark Group, is the chairman of the NRB Bank.[2] Md Quamrul Islam Chowdhury is the chairman of the executive committee of the bank.[3] Tarek Reaz Khan is the managing director and chief executive officer of NRB Bank.[4]

History

Migrants Bangladeshis had been demanding such a bank since the 1990s. However, Md. Bayazid Sarker, an economist and Central Bank official of Bangladesh, first developed a theoretical structure of the bank and officially floated the idea in his research paper titled "Alternative Resource of World Bank for External Financing in Bangladesh: A Foreign Remittance Approach" on 15 December 2007 in Dhaka.[5] Bangladesh Bank called for NRB bank applications in 2011 and finally issued three NRB Bank (Non-resident Bangladeshis Bank) licenses in 2013; the NRB Banks are NRB Commercial Bank Limited, NRB Bank Limited and NRB Global Bank Limited.[6][7] There is no difference between the operations of a regular bank and a NRB bank.[8]

In 2014, NRB Bank provided a loan to Mohammad Shahed, Chairman of Regent Hospital, without proper collateral.[9] The Anti-Corruption Commission filed two cases over the loans in 2020 against Shahed and bank officials.[9][10]

In May 2015, Bangladesh Bank provided NRB Bank permission to operate agent banking.[11]

Md Mehmood Husain was appointed managing director of NRB Bank on 1 August 2016.[12] Md Mukhter Hossain, CEO and managing director of NRB Commercial Bank, was appointed an advisor to NRB Bank on 5 May 2021.[13]

In September 2021, a special internal audit of NRB Bank found that the bank engaged in "unethical" investments in the stock market, causing a loss of 1.03 billion taka to the bank and adversely affecting the stock market.[14][15] Bangladesh Bank fined the bank 4.95 million taka over the investments and market manipulation.[16][17][18] The chief financial officer of NRB Bank was terminated.[19] In the same month, the bank announced its intention to start an IPO.[20] On 27 September 2021, the Anti-Corruption Commission filed charges against M Badiuzzaman, Director of NRB Bank, and his wife for allegedly embezzling 25.3 million taka from the bank.[21]

In November 2021, the Bangladesh Securities and Exchange Commission began an investigation into the activities of NRB Bank.[22]

In March 2025, Iqbal Ahmed, OBE, DBA, was elected chairman of the Board of Directors of NRB Bank, replacing Mohammed Mahtabur Rahman.[2] In May 2025, Md Quamrul Islam Chowdhury was elected chairman of the Executive Committee of the Board.[3] In mid-2025, Tarek Reaz Khan was appointed as managing director and chief executive officer of NRB Bank for a three-year term.[4]

References

  1. ^ "Mr. Iqbal Ahmed (OBE) DBA new chairman of NRB Bank". The Independent. Dhaka. Retrieved 29 March 2017.
  2. ^ a b "Iqbal Ahmed elected chairman of NRB Bank". NRB Bank PLC. 23 March 2025. Retrieved 14 August 2025.
  3. ^ a b "NRB elects new chairman of executive board of directors". The Business Standard (Press release). 12 May 2025. Retrieved 14 August 2025.
  4. ^ a b "Tarek Reaz Khan joins as MD & CEO". NRB Bank PLC. Retrieved 14 August 2025.
  5. ^ Sarker, M.B. (2010). Bangladesh Economic Association Samoiki 2010. pp 689–701. thesteps.org
  6. ^ "First NRB bank starts journey". The Daily Star. 3 April 2013. Retrieved 14 August 2025.
  7. ^ "NRB Bank takes off". The Daily Star. 29 May 2013. Retrieved 14 August 2025.
  8. ^ "No clear BB guideline for NRB banks". The Daily Star. 12 December 2017. Retrieved 14 August 2025.
  9. ^ a b Khan, Mahbubur Rahman (22 July 2020). "Loan from NRB Bank: No rules meant for Shahed". The Daily Star. Retrieved 14 August 2025.
  10. ^ "Shahed accused in NRB Bank scam case". The Daily Star. 23 July 2020. Retrieved 14 August 2025.
  11. ^ "Bank Asia, NRB Bank get approval for agent banking". The Daily Star. 30 May 2014. Retrieved 14 August 2025.
  12. ^ "Mehmood Husain, new CEO of NRB Bank". The Daily Star. 3 August 2016. Retrieved 14 August 2025.
  13. ^ "NRB Bank gets adviser". The Daily Star. 5 May 2021. Retrieved 14 August 2025.
  14. ^ Uddin, AKM Zamir; Habib, Ahsan (29 September 2021). "NRB Bank deliberately loses Tk 103cr to favour stock gamblers". The Daily Star. Retrieved 14 August 2025.
  15. ^ "NRB Bank involved in stock market scandal?". The Daily Star. 18 October 2021. Retrieved 14 August 2025.
  16. ^ Habib, Ahsan (17 September 2021). "NRB Bank fined for breaking stock investment rules". The Daily Star. Retrieved 14 August 2025.
  17. ^ "NRB Bank fined Tk49.50 lakh for share price manipulation". The Business Standard. 16 September 2021. Retrieved 14 August 2025.
  18. ^ "NRB Bank gets the regulator's stick for overreaching investment ceiling". The Financial Express. Retrieved 14 August 2025.
  19. ^ "How banks fuelled stock prices". The Business Standard. 13 September 2021. Retrieved 14 August 2025.
  20. ^ "NRB Bank to go public". The Business Standard. 14 September 2021. Retrieved 14 August 2025.
  21. ^ "Case filed by ACC against NRB Bank director and his wife". UNB. Retrieved 14 August 2025.
  22. ^ "Probe body formed to investigate against NRB Bank". Risingbd.com. Retrieved 14 August 2025.
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