5 new banks licensed

The central bank on Tuesday gave licences to five new private commercial banks among the nine primarily approved earlier, allowing them to commence operations.

The banks are NRB Commercial Bank, NRB Bank, Union Bank, Meghna Bank, and South Bangla Agriculture and Commerce Bank.

Bangladesh Bank Deputy Governor SK Sur Chowdhury told a press conference that the final approval was given at a Board of Directors’ meeting.

Bangladeshi expatriate in the US Farasat Ali is the entrepreneur of NRB Commercial Bank while UK immigrant Iqbal Ahmed is the sponsor of NRB Bank, Jatiya Party Chairman HM Ershad of Union Bank, ruling Awami League MP Ashiqur Rahman of Meghna Bank and Lockpur Fisheries owner SM Amjad Hossain of South Bangla Agriculture and Commerce Bank.

Chowdhury said: “After review, the Bangladesh Bank meeting gave no objection to the memorandums and articles of association of the five banks and decided to review further the same of another.”

In April last year, the central bank primarily approved nine private commercial banks to help strengthen the ongoing financial inclusion programmes.