Prime Bank Limited

Prime Bank Limited a private sector commercial bank incorporated in Bangladesh under the companies act 1994 and commencement of business started on 17th April 1995 with an authorised capital of Tk 1,000 million divided into 10 million ordinary shares of Tk 100 each. The bank is registered with the securities and exchange commission and its shares are traded at the Dhaka and Chittagong Stock Exchanges.

The management of the bank is vested in a 12-member board of directors with the managing director as the chief executive. The registered head office of the bank is at Dhaka. Prime Bank offers all kinds of commercial, corporate and personal banking services covering all segments of society within the framework of Banking Company Act and rules and regulations laid down by the central bank. Diversification of products and services include Corporate Banking, Retail Banking and Consumer Banking right from industry to agriculture, and real state to software. It provides islami banking through seventy branches. PBL has introduced One Stop Utility Services Scheme which is designed to provide all the required services to the customer in making payment of their utility bills on their behalf from the counter of the Bank.

Basic facts and economic indicators (in million Taka)
Indicators	2004	2005	2006	2007	2008	2009
Authorised capital	1000	4000	4000	4000	10000	10000
Paid up capital	1000	1400	1750	2275	2844	3555
Reserved Fund	987	1056	1404	1874	3,853	8190
Deposits	28069	36022	54724	70512	88021	106956
(a) Call Deposits	5697	10107	13320	17762	19227	35431
(b) Term Deposits	22372	25915	41404	52750	68794	71525
Loans and Advance	23220	35132	45011	57684	75156	89252
Investment	3083	3940	7888	12698	23103	19934
Total Asset	32362	41506	60899	79588	110437	124806
Total income	4840	6542	6934	4816	5778	8196
Total Expenditure	3475	4880	4808	1559	1931	2907
Foreign Currency Trading	59326	72873	109490	137838	182643	198996
a) Export	19502	28882	41801	51316	68550	76097
b) Import	36747	40303	52639	70617	91424	96452
c) Remittance	3077	3688	15050	15905	22669	26447
Total Manpower	894	1024	1172	1400	1551	1844
a) Officers	872	1002	1150	1379	1523	1816
b) Staff	22	22	22	21	28	28
Correspondents Banks	501	517	528	553	518	602
Total Branches (in numbers)	36	41	50	61	70	84
a) Domestic	36	41	50	61	70	84
b) Overseas	---	---	---	---	---	---
Agriculture Credit	---	---	---	---	---	---
Loan Disbursed	2026	3237	3787	1603	2054	2362
Realised	1111	3019	3532	2007	2232	2244
Industrial Credit						34127
Loan Disbursed	14017	17521	23653	25543	32751	25757
Realsied	15342	19141	25840	26681	31609
Loan Outstanding by Sector
a) Agriculture and Fisheries	2635	1352	244	272	346	431
b) Industry	4788	6042	9614	9546	10644	13794
c) Trade and Commerce	7995	10445	13993	16417	18624	25970
d) Poverty Reduction	---	---	---	570	539	438

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 2008-09.

The bank has consistently turned over good returns on Assets and Capital. Prime Bank Ltd, since it's beginning has attached more importance in technology integration. In order to retain competitive edge, investment in technology is always a top agenda and under constant focus. Keeping the network within a reasonable limit, bank's strategy is to serve the customers through capacity building across multi delivery channels. The Bank has set up a Wide Area Network (WAN) across the country to provide Online branch banking facility to its valued clients. PBL is one of the first few Bangladeshi Banks who have become member of SWIFT (Society for Worldwide Inter-bank Financial Telecommunication) in 1999 and opened up possibilities for uninterrupted connectivity with over 5,700 user institutions in 150 countries around the world.

Prime Bank obtained Principal Membership of Master-Card International in the month of May 1999 and launched Master Card-Credit Card which created a new dimension in its customer service and consumer financing. The special feature of the Prime Bank Master Card is that its bears the card holder's photo on the card, which is the first of its kind in Bangladesh and adds security against misuse. Prime Bank issues few types of cards like Gold Local & International and Silver Local & International. Local cards can be used in Bangladesh only.

Prime Bank established its fully-owned subsidiary 'Prime Exchange Co Pvt Ltd' to offer remittance services to Bangladeshi nationals in Singapore, which started its operation from 8th July, 2006, under remittance license received from Monetary Authority of Singapore (MAS) and approval of Bangladesh Bank. The Exchange Company is located at Serangoon area near Mustafa Centre, where Bangladeshi nationals congregate during weekends for social interaction and money remittance services. [Muhammad Abdul Mazid]