Bank Asia Limited

Bank Asia Limited is a private sector commercial bank in Bangladesh.[1] Areef Billah Adil Chowdhury 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]

Bank Asia Limited
TypeCommercial bank
DSE: BANKASIA
IndustryBanking
Founded27 November 1999
HeadquartersDhaka, Bangladesh
Key people
(Chairman)

A Rouf Chowdhury (Managing director)

Areef Billah Adil Chowdhury
ProductsBanking services
Consumer Banking
Corporate Banking
Agent Banking
Islamic Banking
WebsiteBank Asia Limited

History

The Bank was established as a private commercial bank on 28 September 1999, and incorporated in 1999.[1] it expanded through the purchase of the branches of Bank of Nova Scotia and Muslim Commercial Bank Limited.[1] In 2001, it purchased the operations of Scotiabank which entered Bangladesh in 1999.[4][1]

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] The Anti-Corruption Commission arrested two officials of Bank Asia on embezzlement charges from Chittagong in May over a 760 million taka loan.[10]

Bank Asia was awarded the Intellectual Property Protection Award in 2020 by the Bangladesh Copyright Board.[11] It arranged a seven billion taka loan for Bashundhara Group to build a cement plant.[12] A Rouf Chowdhury, chairman of Rangs Group, was re-elected chairman of the bank in May 2021.[13] A former managing director of Bank Asia was implicated in the PK Halder scam.[14]

In August 2022, Adil Chowdhury was appointed managing director of Bank Asia Limited.[15] The Bank distributed loans to 220 women farmers in June.[16]

References
  1. Mazid, Muhammad Abdul. "Bank Asia Limited". en.banglapedia.org. Banglapedia. Retrieved 17 November 2016.
  2. "IUB launches Business Advisory Board". thefinancialexpress-bd.com. The Financial Express Online Version. Retrieved 17 November 2016.
  3. "Bank Asia Limited". Bank Asia Limited. Retrieved 28 November 2022.
  4. "Scotiabank Timeline". www.scotiabank.com. Retrieved 28 November 2022.
  5. "Scotia Branch of Bank Asia relocated". The Daily Star. 24 September 2007. Retrieved 28 November 2022.
  6. "The Daily Star Web Edition Vol. 5 Num 1057". archive.thedailystar.net. Retrieved 28 November 2022.
  7. "Bank Asia declares 25pc stock dividend". The Daily Star. 2 June 2008. Retrieved 28 November 2022.
  8. Report, Star Business (25 December 2008). "Bank Asia launches Islamic banking". The Daily Star. Retrieved 28 November 2022. {{cite web}}: |first= has generic name (help)
  9. "Bank Asia Limited: Annual Report 2016". islamicmarkets.com. Retrieved 28 November 2022.
  10. Staff Correspondent; Ctg (30 May 2016). "ACC arrests two officials of Bank Asia over loan scam". The Daily Star. Retrieved 28 November 2022.
  11. Desk, Star Business (1 March 2022). "Bank Asia wins Intellectual Property Protection Award 2020". The Daily Star. Retrieved 1 March 2022. {{cite news}}: |first1= has generic name (help)
  12. Chakma, Jagaran (21 September 2020). "Bank Asia arranges Tk 700cr for cement plant of Bashundhara". The Daily Star. Retrieved 28 November 2022.
  13. Desk, Star Business (3 May 2021). "A Rouf Chowdhury reelected Bank Asia chairman". The Daily Star. Retrieved 28 November 2022. {{cite web}}: |first= has generic name (help)
  14. Report, Star Digital (12 February 2021). "Over 100 influential people, including 2 former bank high-ups, helped PK Halder, claims close associate". The Daily Star. Retrieved 28 November 2022.
  15. Desk, Star Business (8 November 2022). "Bank Asia gets new MD". The Daily Star. Retrieved 28 November 2022. {{cite web}}: |first= has generic name (help)
  16. Desk, Star Business (27 June 2022). "Bank Asia disburses loans among 220 women farmers". The Daily Star. Retrieved 28 November 2022. {{cite web}}: |first= has generic name (help)


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