POST TIME: 18 February, 2019 00:00 00 AM
Three new banks get BB approval

Three new banks get BB approval

Bangladesh Bank yesterday gave final nod to three more banks after a pre-scheduled board meeting at the central bank headquarters in Motijheel area of the capital. The three new banks are Bengal Commercial Bank, People’s Bank and Citizen Bank, an executive director with the BB confirmed The Independent.

Earlier on October 29, the central bank approved Community Bank Bangladesh and had also sent back proposals for the three proposed banks due to lack of adequate documents for providing licences. Bangladesh Police Welfare Trust owns the Community Bank Bangladesh.

A total of 58 government and private commercial banks and 34 non-banking financial institutions are currently in operation in the county. With these three new banks starting operation, the number will hit 61.

Jasim Uddin, the younger brother of Bengal Group

Chairman Morshed Alam MP of the Awami League, is the proposed chairman of Bengal Commercial Bank. Jasim serves as the vice chairman of the business group.

Law Minister Anisul Huq’s mother Jahanara Huq’s name has been proposed for the chairmanship of the Citizen Bank.

MA Quasem, an expatriate Awami League leader living in the US, is the proposed chairman of the People’s Bank.

The Awami League government, which started its third straight term at the beginning of this year, has approved 10 private banks in as many years in power.