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SBAC Bank to reach rural people through community banking

  • Published at 12:09 pm April 4th, 2019
web-SBAC Bank Chairman SM Amzad Hossain
SM Amzad Hossain, Chairman of South Bangla Agriculture and commerce Bank Ltd. attends the 6th founding anniversary of the bank at the head office in Dhaka on Wednesday, April 3, 2019 Courtesy

The amount of deposits of the bank stood at Tk6,000 crore and the amount of loans and advances stood at Tk5,000crore

Fourth generation South Bangla Agriculture and commerce (SBAC) Bank wants to reach rural people through community banking, SBAC Bank Managing Director and CEO Md Golam Faruque said in a program marking the bank’s sixth founding anniversary yesterday. 

He said the bank will set up 30 branches, or booths, of the bank in rural areas for community banking. 

“Banking services will be provided through these booths to the people of remote areas in Bangladesh, where the banking services are not available. A proposal will be sent to the Bangladesh Bank in this regard,” he added.

The SBAC Bank Managing Director highlighted the present situation of the bank, remarking, “At the beginning of this bank, the amount of capital was Tk400crore. Now, the bank’s total asset stood at Tk7,066 crore. At present, the bank has 200,000 customers in 74 branches.”

The amount of deposits of the bank stood at Tk6,000 crore and the amount of loans and advances stood at Tk5,000crore. The bank gave to the government Tk202crore in revenue in 2018, he also said. 

Golam Faruque claimed the amount of default loans of SBAC Bank is below 2%. The bank also has no provision shortfall as well. 

SBAC Bank Chairman SM Amzad Hossain said the bank will come to the capital market through the initial public offering (IPO) of fixed prize method without having no premium.

ICB Capital Management has been appointed as the Issue Manager in this regard. Soon, the bank will be listed in the capital market.

“Considering the general people, we had been operating business since the beginning. We did well in the past. Hopefully this trend will continue in the future. We are always trying to reach the banking services to the doorstep of the people, that’s our goal. In future, we will emphasize on agriculture loans,” he added. 

The bank's directors Mohammad Nawaz, Shakhawat Hossain, independent director Dr Syed Hafizur Rahman and Additional Managing Director Mostafa Jalal Uddin Ahmed were also present at the anniversary program.