Shimanto Bank Limited

Shimanto Bank is a schedule commercial bank in Bangladesh and related to the Border Guards Bangladesh.[1][2] As the slogan goes "Shimanhin Astha", Shimanto Bank Limited aims to be the leading financial institution to serve with utmost trust.[3] Rafiqul Islam is the chief executive officer and managing director of the bank.[4] Major General Shakil Ahmed, director general of Border Guards Bangladesh, is the chairman of the bank.[5]

Shimanto Bank Limited
TypePrivate commercial bank
IndustryBanking
FoundedDhaka, Bangladesh
HeadquartersDhaka, Bangladesh
Key people
Major General Shakil Ahmed (Chairman), Rafiqul Islam (Managing Director & CEO)
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Increase
ParentBGB Welfare Trust Bangladesh
Websitewww.shimantobank.com

History

The bank was established on 21 July 2016 through an act of parliament and planned by Prime Minister Sheikh Hasina. Maj General Aziz Ahmed was the founder chairman, Brigadier General Taufiqul Hasan Siddiquee was the project director, and Moklesur Rahman appointed as the first managing director and CEO of the bank.[6] The bank was designed to provided financial services to the marginalized population of the country as well as active and retired personals of Border Guards Bangladesh.[7]

On 1 August 2016, Muklesur Rahman was appointed the Chief Executive Officer and managing director of the Bank.[8] Prime Minister Sheikh Hasina inaugurates Shimanto Bank formally on 1 September 2016.[9][10] Founder chairman inaugurated the principal branch on 10 October 2016. The director general of the Border Guards is the ex-officio chairman of the bank. Major General Aziz Ahmed was the first chairman of the Bank and he was replaced by Major General Abul Hossain on 2 November 2016.[11]

In 2020, Shimanto Bank had 12.09 billion taka in deposits.[12]

In August 2021, Bangladesh Bank issued a show cause notice to Shimanto Bank Limited and nine other banks for having a low interest rate on their deposits.[13] As of November 2021, Shimanto Bank Limited has 19 branches,[14] 2 sub-branches and 19 ATM booths. In August 2022, Rafiqul Islam was appointed the chief executive officer and managing director of the bank[15] Bangladesh Securities and Exchange Commission has asked Shimanto Bank to make preparations for an initial public offering.[16]

Board of directors
Name Position Reference
Major General Shakil Ahmed Chairman [17]
Brigadier General Md Nurul Amin Director [17]
Brigadier General Md Shazedur Rahman Director [17]
Brigadier General Ali Reza Mohammad Ashaduzzaman Director [17]
Brigadier General Benazir Ahmed Director [17]
Brigadier General A. M. M. Khairul Kabir Director [17]
Colonel Murad Zaman Director [17]
Colonel A. S. M. Faisal Director [17]
Colonel Shafiul Azam Parvez Director [17]
Rafiqul Islam Managing Director [17]

See also

References
  1. "Keep children away from militancy: PM". The Daily Star. 1 September 2016. Retrieved 17 November 2016.
  2. "Bangladesh Navy to get new bank". Dhaka Tribune. 3 February 2020. Retrieved 27 November 2022.
  3. "Govt to start 'Village rationing' very soon". The Financial Express. Dhaka. Retrieved 17 November 2016.
  4. "Shimanto Bank celebrates sixth anniversary". The Financial Express. Retrieved 27 November 2022.
  5. "Chairman's Message". ShimantoBank. Retrieved 27 November 2022.
  6. "PM opens 'Shimanto Bank' for BGB members". Dhaka Tribune. 1 September 2016. Retrieved 17 November 2016.
  7. "Shimanto Bank listed as scheduled bank". Dhaka Tribune. 11 August 2016. Retrieved 17 November 2016.
  8. "Muklesur Rahman joins Shimanto Bank as CEO". The Daily Star. 1 August 2016. Retrieved 27 November 2022.
  9. "Hasina inaugurates Bangladesh border guards-run Shimanto Bank". bdnews24.com. Retrieved 17 November 2016.
  10. "PM inaugurates Shimanto Bank". Prothom Alo. Retrieved 17 November 2016.
  11. "Maj Gen Abul Hossain appointed Border Guard Bangladesh chief". bdnews24.com. Retrieved 17 November 2016.
  12. Byron, Rejaul Karim (14 September 2020). "Banks' deposits swell". The Daily Star. Retrieved 27 November 2022.
  13. Uddin, AKM Zamir (31 August 2021). "10 banks face show-cause for low deposit rates". The Daily Star. Retrieved 27 November 2022.
  14. "Shimanto Bank inaugurates 19th branch at Gulshan". The Business Standard. 24 June 2021. Retrieved 13 November 2021.
  15. "Rafiqul Islam made new MD & CEO of Shimanto Bank". The Business Standard. 8 August 2022. Retrieved 27 November 2022.
  16. "BSEC asks 5 banks to take steps for IPO". New Age. Retrieved 27 November 2022.
  17. "Board of Directors". ShimantoBank. Retrieved 27 November 2022.


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