Farmers Bank starts anew, taking the name ‘Padma Bank’

Padma Bank, a fourth generation bank, has formally operations with a promise of 'secure banking' for its customers.

Senior Correspondentbdnews24.com
Published : 16 March 2019, 11:52 AM
Updated : 16 March 2019, 11:57 AM

Economic Affairs Adviser to Prime Minister Mashiur Rahman unveiled the bank’s new logo at a city hotel on Saturday.

Mashiur Rahman

The loan-scam hit Farmers Bank had been renamed as the Padma Bank in order to get an image makeover.

Farmers Bank, a private bank, got in trouble due to gross irregularities and loan scams six years ago. Later, four state-owned banks—Sonali, Janta, Agrani and Rupali—and non-banking financial institution Investment Corporation of Bangladesh or ICB extended financial assistance to help the bank back from the brink.

The four banks and ICB now have a 68 percent stake in Padma Bank which begins itts new journey with 57 branches across the country.

Sonali Bank Managing Director Md Obayed Ullah Al Masud, Janata Bank Managing Director Md Abdus Salam Azad, Mohammad Shams-Ul Islam, Rupali Bank Managing Director Ataur Rahman and ICB Managing Director Kazi Sanaul Hoq also attended the event.