After Farmers Bank, NRB Global Bank now wants to change its name. The bank has reportedly applied to Bangladesh Bank. Previously, much talked about Farmers’ Bank changed its name to Padma Bank.
Meanwhile in the latest move, NRB Global Bank wants to cut off NRB and start as Global Bank of Bangladesh. Chief executive and MD of the bank, Syed Habib Hasnat, says: “there are three NRB Banks in Bangladesh which may create confusion among people and loss of clients. Therefore, we want to omit the part NRB.”
Spokesperson of Bangladesh Bank, executive director, Md. Sirajul Islam, says: “the application for name change is being assessed by Bangladesh Bank and a decision will be taken in a board meeting.”
To encourage expatriate Bangladeshis to invest in the country, the bank was given licence along with a guideline plus conditions. As per policy, the word NRB was included to pave way for the bank to play a role in foreign trade and accumulation of remittance.
However, these expectations could not be met and the bank limited its operation within conventional banking.
Of the nine banks approved in 2012, three are NRB and they are: NRB Commercial, NRB Global and NRB Bank.
These banks got licences on condition that they will play a part in foreign trade and remittance.
In the banking sector, name and logo are changed often to stay competitive. In 2006, bankrupt Oriental Bank changed name to ICB Islamic Bank. In 1992, BCIC dissolved and was re-named Eastern Bank.
Agrani Bank chairman and researcher of Bangladesh Institute of Development Studies, Dr. Zayed Bakht, says: “changing name or logo is a strategy which is done to attract clients.”
Farmers’ Bank changed name to Padma Bank and formally began its journey on 16 March; reportedly, following the changes the bank’s fortunes are beginning to look up.