• Monday, Mar 30, 2020
  • Last Update : 10:51 pm

Bangladesh Navy to get new bank

  • Published at 11:09 pm February 3rd, 2020
Bangladesh Navy

BB is working to award licence to ‘Maritime Bank Ltd’

The central bank is planning to award a licence for a new commercial bank, called Maritime Bank Ltd, amid plenty of banks buffeted by dull business in a sagging investment regime.

The bank was proposed by the Bangladesh Navy, the naval warfare branch of Bangladesh Armed Forces. 

“We got a proposal for the new bank by Bangladesh Navy. Now it is in a primary stage. The central bank asked them to fulfill the criteria for getting a Letter of Intent (LoI) for the proposed bank,” said Bangladesh Bank Executive Director and Spokesperson Md. Serajul Islam.

Once they (Bangladesh Navy) would submit the required documents and information, then the Bangladesh Bank might put up the proposal at its board of directors meeting for final approval, he added.

As per the Bank Company Act-1991, the paid up capital of new commercial bank shall not be less than Tk400 crore. 

But Md. Serajul Islam said that the paid-up capital for new commercial banks was set at Tk500 crore. 

“We got the proposal for new bank by Bangladesh Navy in 2013. For the long time they did not come forward, but now they are interested to get licence for the proposed bank,” said a high official of the central bank, seeking anonymity.  

Earlier, Bangladesh Police, Bangladesh Army and Border Guard Bangladesh (BGB) got separate licences for commercial banks. 

In October 2018, the central bank approved Community Bank Bangladesh owned by the Bangladesh Police Welfare Trust. 

Trust Bank Limited is another private commercial bank owned by Army Welfare Trust of Bangladesh Army. 

Shimanto Bank was founded to provide financial services to the Border Guard Bangladesh members.

Ansar-VDP Unnayan Bank is a government owned specialized bank. The bank was established to provide financial services to the members of Bangladesh Ansar and Village Defence Party.