Bank Asia PLC explained

Bank Asia PLC
Type:Public Limited Company
Foundation:27 November 1999
Location:Dhaka, Bangladesh
Key People:(Chairman)Romo Rouf Chowdhury

(Managing director)Sohail R K Hussain

Traded As:
Industry:Banking
Products:Banking services
Consumer Banking
Corporate Banking
Agent Banking
Islamic Banking
Credit Cards
Remmittance Operations
Student Files, etc
Homepage:Bank Asia PLC

Bank Asia PLC is a private sector commercial bank in Bangladesh.[1] MR. SOHAIL R K HUSSAIN is the president and managing director of the bank.[2] Romo Rouf Chowdhury, chairman of Rancon Group, is the chairman of Bank Asia Limited.[3]

History

The bank was established as a private commercial bank on 28 September 1999, and incorporated in 1999. it expanded through the purchase of the branches of Bank of Nova Scotia and Muslim Commercial Bank Limited. In 2001, it purchased the operations of Scotiabank which entered Bangladesh in 1999.[4]

Bank Asia relocated its Nova Scotia branch from Bijoy Sarani to Kazi Nazrul Islam avenue.[5] It signed an agreement with Dutch-Bangla Bank Limited to have access to their automated teller machine network.[6]

In 2008, Bank Asia announced a 25 per cent stock dividends.[7] The bank also introduced Islamic banking.[8]

Bank Asia was awarded third prize in corporate governance disclosures and achieved certificate of merit under integrated reporting category in the 17th ICAB National Award for BPAR-2016.[9]

Bank Asia was awarded the Intellectual Property Protection Award in 2020 by the Bangladesh Copyright Board.[10] It arranged a seven billion taka loan for Bashundhara Group to build a cement plant.[11] Romo Rouf Chowdhury, chairman of Rangs Group, was elected chairman of the bank in August 2022.[12]

On February 10, 2024, Sohial R K Hussain was appointed managing director of Bank Asia Limited.[13] The bank distributed loans to 220 women farmers in June.[14] 16 April, 2024, Bank Asia Limited has changed its name to 'Bank Asia plc'.[15]

Notes and References

  1. Web site: Mazid . Muhammad Abdul . Bank Asia PLC. Banglapedia . 17 November 2016.
  2. News: IUB launches Business Advisory Board . The Financial Express . 17 November 2016.
  3. Web site: Bank Asia Limited . 2022-11-28 . Bank Asia Limited . en.
  4. Web site: Scotiabank Timeline . 2022-11-28 . www.scotiabank.com . en.
  5. News: 2007-09-24 . Scotia Branch of Bank Asia relocated . 2022-11-28 . The Daily Star . en.
  6. News: Bank Asia's cardholders to use DBBL's ATM, POS . 2022-11-28 . The Daily Star.
  7. News: 2008-06-02 . Bank Asia declares 25pc stock dividend . 2022-11-28 . The Daily Star . en.
  8. News: 2008-12-25 . Bank Asia launches Islamic banking . 2022-11-28 . The Daily Star . en.
  9. Web site: Bank Asia Limited: Annual Report 2016 . 2022-11-28 . islamicmarkets.com . en.
  10. News: Bank Asia wins Intellectual Property Protection Award 2020 . 1 March 2022 . The Daily Star . 1 March 2022 . en.
  11. News: Chakma . Jagaran . 2020-09-21 . Bank Asia arranges Tk 700cr for cement plant of Bashundhara . 2022-11-28 . The Daily Star . en.
  12. Web site: Over 100 influential people, including 2 former bank high-ups, helped PK Halder, claims close associate . The Daily Star . en . 2022-11-28.
  13. News: 2022-11-08 . Bank Asia gets new MD . 2022-11-28 . The Daily Star . en.
  14. News: 2022-06-27 . Bank Asia disburses loans among 220 women farmers . 2022-11-28 . The Daily Star . en.
  15. https://www.somoynews.tv/news/2024-04-16/7RSE5Kty The central bank said that the name of Bank Asia Limited has been changed to 'Bank Asia plc'.