Bengal Commercial Bank will get a licence this month and it may start operation from next December. The Citizen Bank may also get licence this month. The Bangladesh Bank has issued Letter of Intent or LoI for the banks and the final approval from the central bank is pending.
Vice-chairman of Bengal Group, Md. Jasim Uddin, says: “Work is underway to start Bengal Commercial Bank from next December.”
Office space has been taken at the Khondokar Tower for the bank’s main office.
Bengal Commercial Bank will give importance to the SME sector, said Jasim Uddin.
He will also ensure that the bank gives importance to small entrepreneurs.
The Police Community Bank is set to begin operation this month with head office at Gulshan’s Police Plaza and five other branches.
After the Awami League government gave permission to nine banks, there was widespread criticism.
The banking sector was slated for loan embezzlement, liquidity problem and other aberrations.
Most approved banks are owned by ministers, MPs and government-supported business people.
In the format of Trust Bank managed by the army, Simanta Bank, owned by Border Guards Bangladesh, BGB Welfare Trust was inaugurated.
Vice-chairman of Bengal Commercial Bank, Md. Jasim Uddin is the brother of Morshed Alam, a ruling party MP.
The owner if Citizen Bank is Jahanara Huq, mother of law minister, Anisul Huq. The entrepreneur of People’s Bank is US-based AL leader, M A Kashem.
The executive director of Bangladesh Bank, Abu Farah Md. Naser, said: “Bangladesh Bank has given licence to 59 banks so far, and, to get the licence, 31 conditions need to be fulfilled.”
Saying that after getting the licence, there’s no time limit to starting operation, he said: “Sixteen conditions were given by Bangladesh Bank and breach of anyone will result in the revocation of licence.”