Bangladesh Commerce Bank Limited
Bangladesh Commerce Bank Limited (BCBL) a private sector commercial bank and incorporated in Bangladesh on 1 June 1998 under the Banking Company Act, 1994. It started banking operations on 16 September 1999 with an authorised and paid up capital of Tk. 2,000 million and Tk. 920 million respectively. The share of the government of Bangladesh in the bank's paid up capital is Tk. 300 million while depositors of the former Bangladesh Commerce and Investment Limited (BCIL) contributed Tk. 520 million. The balance of Tk. 100 million is to be subscribed by banks and financial institutions under guidance and supervision by bangladesh bank.
Table Basic facts and economic indicators (in million Taka).
|Paid up capital||920||920||920||920||920||920|
|(a) Call Deposits||1355||1350||1491||843||1125||1336|
|(b) Term Deposits||2927||2880||3168||4836||5661||6268|
|Loans and Advance||4136||3992||4670||5010||5786||6256|
|Foreign Currency Trading||8901||7193||3350||3640||34109||45774|
|Total Branches (in numbers)||25||25||25||25||25||25|
|(a) Loan Disbursed||-||-||-||83||177||7|
|(a) Loan disbursed||425||350||450||729||992||1046|
|Loan Outstanding by Sector|
|(a) Agriculture and Fisheries||-||-||-||81||245||158|
|(c) Trade and Commerce||2929||2412||1848||1571||2954||3299|
|(d) Poverty Reduction||5||1||1||3||-||-|
Source Government of Bangladesh, Ministry of Finance, Banking and Financial Institution Division, Bank o Arthik Prothisthan Samuher Karjaboli [Annual Report on Banks and Financial Institutions], 2004-05 to 2010.
The former Bangladesh Commerce and Investment Limited was set up on 27 January 1986 as a non-bank financial institution. It continued its business till April 1992. Consequent upon its liquidity crisis, Bangladesh Bank suspended its operations in April 1992. As a result, the investors of the company suffered a lot and its employees became jobless. Both the depositors and the jobless employees launched a movement for reopening the company in some form or other and demanded return of their money and dues. With a view to safeguarding the interest of the depositors, employees and the general public, and to protecting the banking system itself from contagious effects of bank failures, the government of Bangladesh established the Bangladesh Commerce Bank on the ashes of the collapsed BCIL.
Subsequently, the government on 8 February 1998 constituted a 10-member board of directors to organise and transform BCIL into BCBL and to administer the affairs of the bank. The 24 branches of BCIL were reopened as full-fledged branches of BCBL. The broad objective of the bank is to carry out all kinds of commercial banking activities and to respond quickly to the changing demands for modern banking products.
To augment its deposit collection further, BCBL introduced a number of deposit schemes suited to the needs of all classes of people in society. These schemes include: Monthly Profit Based Deposit Scheme; Pension Saving Scheme; Interest Free Deposit and Loan Scheme; Consumers' Credit Scheme; and Money Plantation Against Saving Certificates.
A 9-member board of directors appointed by the government manages the bank. Managing director is the chief executive of the bank. At present total of 454 officers and other staff work in the head office and the 25 branches of the bank. It has inherited a training institute from BCIL. This institute is being reorganised to provide training to its employees in modern banking services. [S M Mahfuzur Rahman]