BASIC Bank Limited

BASIC Bank Limited
Type	State owned
Industry	Banking
Founded	Dhaka, Bangladesh
Headquarters	Dhaka, Bangladesh
Key people	Mr. Alauddin A. Majid^[1] (Chairman)
Products	Banking services Consumer Banking Corporate Banking Investment Banking
Net income
Website	BASIC Bank Limited

BASIC Bank Limited is a fully government owned bank in Bangladesh which was founded in 2 August 1988. The bank was founded to finance small enterprises.^[2]

History

BASIC Bank Limited is one of seven state owned banks in Bangladesh.^[3] In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement.^[4] Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities.^[5] Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities.^[6]

Controversy

Two Deputy Managing Directors Fazlu Sobhan and Mohammad Selim, and former Deputy General Manager Shiper Ahmed were sent to prison for embezzlement.^[7] Anti Corruption Commission had filed 56 cases against 156 people in 2015 over the embezzlement of 20 billion taka. Bangladesh bank estimated 45 billion had been swindled from the bank during the 6 years the time Sheikh Abdul Hye Bachhu served as the chairman of the bank.^[8] Among the accused was the former managing director Kazi Fakhrul Islam.^[9] There was allegations that Anti corruption commission did not file cases against former chairman Sheikh Abdul Hye Bacchu because he is "Jatiya Party leader" and had "connections at high positions".^[10]

References

↑ "Board of Directors". basicbanklimited.com. Retrieved 4 February 2016.
↑ "Background". basicbanklimited.com. Retrieved 4 February 2016.
↑ "State-owned banks in Bangladesh cut interest rates". bdnews24.com. Retrieved 3 February 2016.
↑ "Sonali, Basic Bank need time to regain their positions: Muhith". thefinancialexpress-bd.com. The Financial Express. Retrieved 4 February 2016.
↑ Islam, Md. Rizwanul. "Epitomising mismanagement in public banks". thedailystar.net. The Daily Star. Retrieved 4 February 2016.
↑ Kallol, Asif Showkat; Alo, Jebun Nesa. "BASIC now banks on political influence". dhakatribune.com. Dhaka Tribune. Retrieved 4 February 2016.
↑ "Three Basic Bank officials taken on remand". thefinancialexpress-bd.com. The Financial Express. Retrieved 4 February 2016.
↑ "3 Basic Bank officials jailed". thedailystar.net. The Daily Star. Retrieved 4 February 2016.
↑ "BASIC Bank scam: ACC to file another 15 cases tonight". en.prothom-alo.com. Prothom Alo. Retrieved 4 February 2016.
↑ Noman, Morshed. "ACC letting BASIC Bank's Bachchu off the hook". en.prothom-alo.com. Prothom Alo. Retrieved 4 February 2016.

External links

List of banks in Bangladesh

Central bank	Bangladesh Bank

State-owned commercial banks	Agrani Bank Sonali Bank Rupali Bank Janata Bank

Private commercial banks	AB Bank Limited Bangladesh Commerce Bank Limited Bank Asia Limited BRAC Bank Limited Dhaka Bank Limited Dutch Bangla Bank Limited Eastern Bank Limited Farmers Bank Limited IFIC Bank Limited Jamuna Bank Limited Meghna Bank Limited Mercantile Bank Limited Midland Bank Limited Modhumoti Bank Limited Mutual Trust Bank Limited National Bank Limited NCC Bank Limited NRB Bank Limited NRB Commercial Bank Limited NRB Global Bank Ltd One Bank Limited Prime Bank Limited Pubali Bank Limited South Bangla Agriculture and Commerce Bank Ltd Southeast Bank Limited Standard Bank Limited The City Bank The Premier Bank Limited Trust Bank Limited United Commercial Bank Ltd Uttara Bank Limited

Islamic Commercial Banks	Al-Arafah Islami Bank Limited Export Import Bank of Bangladesh Limited First Security Islami Bank Limited ICB Islamic Bank Islami Bank Bangladesh Ltd Shahjalal islami bank Limited Social Islami Bank Limited Union Bank Limited

Foreign commercial banks	Bank Alfalah Citibank NA Commercial Bank of Ceylon Habib Bank Limited HSBC National Bank of Pakistan Standard Chartered Bank State Bank of India Woori Bank

Specialized banks	Bangladesh Krishi Bank Rajshahi Krishi Unnayan Bank Bangladesh Development Bank Ltd BASIC Bank Limited Probashi Kallyan Bank

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