BASIC Bank Limited

BASIC Bank Limited is a fully government owned bank in Bangladesh which was founded on 2 August 1988. The bank was founded to finance small enterprises.[2]

BASIC Bank Limited
TypeState owned
IndustryBanking
FoundedDhaka, Bangladesh
HeadquartersDhaka, Bangladesh
Key people
Alauddin A. Majid[1] (Chairman)
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
WebsiteBASIC Bank Limited

History

BASIC Bank Limited is one of seven state owned banks in Bangladesh.[3] In 2016 the finance minister in a statement described the state of the bank as weak due to graft by top officials of the bank and would require some time for improvement.[4] Sonali Bank UK Ltd and other international banks had censured Basic bank over irregularities.[5] Since 2012 Basic bank had been frozen out of international transactions as a result of the irregularities.[6]

Controversy

Two Deputy Managing Directors Fazlu Sobhan and Mohammad Selim, and former Deputy General Manager Shiper Ahmed were sent to prison for embezzlement.[7] Anti Corruption Commission had filed 56 cases against 156 people in 2015 over the embezzlement of 20 billion taka. Bangladesh bank estimated 45 billion had been swindled from the bank during the 6 years the time Sheikh Abdul Hye Bachhu served as the chairman of the bank.[8] Among the accused was the former managing director Kazi Fakhrul Islam.[9] There was allegations that Anti corruption commission did not file cases against former chairman Sheikh Abdul Hye Bacchu because he is "Jatiya Party leader" and had "connections at high positions".[10]

References
  1. "Board of Directors". basicbanklimited.com. Retrieved 4 February 2016.
  2. "Background". basicbanklimited.com. Retrieved 4 February 2016.
  3. "State-owned banks in Bangladesh cut interest rates". bdnews24.com. Retrieved 3 February 2016.
  4. "Sonali, Basic Bank need time to regain their positions: Muhith". thefinancialexpress-bd.com. The Financial Express. Retrieved 4 February 2016.
  5. Islam, Md. Rizwanul. "Epitomising mismanagement in public banks". thedailystar.net. The Daily Star. Retrieved 4 February 2016.
  6. Kallol, Asif Showkat; Alo, Jebun Nesa. "BASIC now banks on political influence". dhakatribune.com. Dhaka Tribune. Retrieved 4 February 2016.
  7. "Three Basic Bank officials taken on remand". thefinancialexpress-bd.com. The Financial Express. Retrieved 4 February 2016.
  8. "3 Basic Bank officials jailed". thedailystar.net. The Daily Star. Retrieved 4 February 2016.
  9. "BASIC Bank scam: ACC to file another 15 cases tonight". en.prothom-alo.com. Prothom Alo. Archived from the original on 31 January 2016. Retrieved 4 February 2016.
  10. Noman, Morshed. "ACC letting BASIC Bank's Bachchu off the hook". en.prothom-alo.com. Prothom Alo. Archived from the original on 3 March 2016. Retrieved 4 February 2016.


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