Padma Bank, renamed from scam-hit Farmers’ Bank, has formally begun operations with a promise of 'secure banking' for its customers.
Economic Affairs Adviser to Prime Minister Mashiur Rahman unveiled the bank’s new logo at a city hotel on Saturday (Mar 16).
Farmers Bank got in trouble due to gross irregularities and loan scams six years ago. Later, four state-owned banks—Sonali, Janta, Agrani and Rupali—and non-banking financial institution Investment Corporation of Bangladesh or ICB extended financial assistance to help the bank back from the brink.
The four banks and ICB now have a 68 percent stake in Padma Bank which begins operation with 57 branches across the country aiming to start fresh with a new image.
Sonali Bank Managing Director Md Obayed Ullah Al Masud, Janata Bank Managing Director Md Abdus Salam Azad, Mohammad Shams-Ul Islam, Rupali Bank Managing Director Ataur Rahman and ICB Managing Director Kazi Sanaul Hoq were present during the occasion.