Mashrur Arefin reappointed as City Bank MD

Mashrur Arefin has been reappointed as the managing director and CEO of City Bank for the next three years.

Following the approval of the bank's Board of Directors, Bangladesh Bank approved his reappointment today (14 January), according to a press release.

Mashrur first assumed the role of MD and CEO in January 2019. Over the past six years, he has steered the bank to unprecedented heights.

During his tenure, the bank's annual income surged from Tk1,595 crore to nearly Tk4,000 crore, while its operating profit grew from Tk668 crore to Tk2,287 crore in 2024, as per the bank's unaudited financial report.

This milestone marked the proud entry of City Bank as one of the very few local banks into the exclusive Tk2,000 crore profit club.

In the same period, the bank's income-expense ratio improved significantly, dropping from 58.1% to 42.1%; and its foreign trade volume grew from $3.6 billion to $7.02 billion annually.

Meanwhile, deposits rose from Tk21,000 crore to Tk52,000 crore, and the loan portfolio expanded from Tk23,000 crore to Tk45,000 crore.

The bank also made significant progress in asset quality, reducing its bad loan ratio from 5.3% in 2018 to 3.6% in 2023, while increasing the provision coverage ratio against classified loans from 72.7% to 122%.

Under Mashrur's leadership, the bank has transitioned from an urban-centric financial institution to a bank for the masses, with financial inclusion being its core agenda. He spearheaded the launch of several initiatives including digital nano loans, agent banking, small and micro-finance business, and City Alo women banking, read the release.

He also played a pivotal role in popularizing the Citytouch digital banking platform, which facilitated transactions exceeding Tk1 lakh crore in 2024.

Mashrur began his banking career in 1995 as a management trainee at ANZ Grindlays Bank. Over his 30-year career, he has held key positions at prominent institutions including ANZ Bank Melbourne, Standard Chartered Bank Qatar, Citibank NA, American Express Bank, BRAC Bank, and Eastern Bank.

A former cadet of Barisal Cadet College, Mashrur is a graduate of Aligarh Muslim University, holds a Master's in English from Dhaka University, and earned an MBA from Victoria University in Melbourne. He later completed an intensive course in advanced financial management at INSEAD Business School in France.

Beyond his accomplishments as a banker, he is also renowned as a distinguished novelist, poet, and translator.